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Utilities shares rose and financials trimmed their gains after the Federal Reserve raised its benchmark rate, and forecast two more increases this year.

The S&P 500 utilities sector, which tends to benefit from lower rates, rose as much as 1.5 per cent on the heels of the statement. The real estate sector, another low-rate beneficiary, was up by 1.5 per cent.

On the other end of the spectrum, financial stocks that are thought to benefit from higher rates pared their gains. The sector was flat in recent trading, after rising as much as 0.5 per cent.

Some Wall Street analysts reckoned that the Fed could lift its projection for rate rises this year to a total of four, from the three it forecast in December.

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