North American markets are likely to open lower Wednesday as traders mull over the latest interest rate increase by the U.S. Federal Reserve.

There are no major economic releases from Statistics Canada today.

Overnight in Asia, major markets closed lower. The Japanese Nikkei shed 61.46 points or 0.55% to 11,019.41.

In Hong Kong, the Hang Seng dropped 32.25 points or 0.24% to 13,272.23.

North American markets finished in the black Tuesday as rising oil and gold prices pushed Bay Street, while strong earnings from financial services companies and some upbeat U.S. economic data boosted Wall Street.

At close, the S&P/TSX composite index was ahead by 103.11 points or 1.21% to 8,642.93, while the S&PTSX Venture composite index finished up 2.00 points or 0.13% to 1,530.12.

In New York, the Dow Jones industrial average gained 40.04 points or 0. 39% to 10,244.93. The tech-heavy Nasdaq composite index jumped 13.1 points or 0.69% to 1,921.17, while the S&P 500 had gained 7.1 points or 0.63% to 1,129.30.

In Toronto, financial stocks were up, by 0.70%, but shares were down for three of the publicly held fund managers that received formal notices from the Ontario Securities Commission warning about improper trading. AGF Funds Inc., CI Fund Management and I.G. Investment Management Ltd. said they received notices from the regulator. CI stock was off 25¢ or 1.55% to $15.90, while IGM Financial was down 9¢ or 0.26% to $34.21. AGF stock fell 5¢ or 0.29% at $17.30. AIC, which also received notice from the OSC, is privately held.

In New York, investors welcomed strong earnings from financial services companies, upbeat economic data and some reassuring news from the Federal Reserve.

The Fed announced its widely anticipated decision to raise short-term interest rates by another quarter-percentage point to 1.75%. Economists saw the move as a signal that the central bank sees continued improvements in the economic outlook and inflation.