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By Fred Imbert, CNBC

U.S. stocks rose slightly on Wednesday after the Federal Reserve raise rates for the second time in a decade.

The Dow Jones industrial average briefly rose more than 50 points to hit a new record high, while the Nasdaq and S&P 500 both gained around 0.1 percent. The three major indexes had chopped around the flatline right after the Fed's decision was announced.

In addition to approving the much-expected increase, the FOMC also indicated a higher rate than projected back in September when it last released the quarterly look ahead.

Related: Fed Raises Rates for Second Time in a Decade

The committee now expects three rate hikes in 2017, two or three in 2018 and three in 2019.

But the environment in which the Fed will likely raise rates is different than last year, said Thomas Wilson, senior investment manager at Brinker Capital.

"A year ago, you had high-yield spreads that were at two-year highs. which were telling you something was wrong," he said. "This year, the macro environment has changed dramatically."