By Chuck Mikolajczak NEW YORK (Reuters) – The S&P 500 rallied on Wednesday to snap a five-session losing skid after a policy announcement by the Federal Reserve that raised interest rates to market expectations as the central bank seeks to fight rising inflation without sparking a recession. The Federal Reserve raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994, and projected a slowing economy and rising unemployment in the months to come. Equities were volatile after the announcement, before decidedly turning higher after Chair Jerome Pow…