The Federal Reserve raised its interest rates Wednesday for the second time in three months, increasing rates by a quarter of a percentage point.
This was a widely telegraphed move that seemed increasingly likely after a strong February jobs report that showed the economy was improving.
Increasing rates is a method of reducing inflation and often has widespread ripple effects on the business world.
The Dow, a measure of the strength of the stock market, increased 100 points after the Federal Reserve raised its interest rates.
The rate hike may increase the interest credit-card holders may have to pay on their balance, CNBC reports. It may also increase the interest on student loans, depending on whether or not the loans are fixed-rate or variable-rate. Variable-rate loans' interests rate is tied to the Federal Reserve's rate.