Banks including Wells Fargo & Co (>> Wells Fargo & Co), JPMorgan Chase & Co (>> JPMorgan Chase & Co.) and Bank of America Corp (>> Bank of America Corp) raised their prime rates to 3.5 percent from 3.25 percent.

The Fed raised the target for its main short-term rate to a range of 0.25 to 0.50 percent, from a range of 0 to 0.25 percent.

A higher prime rate will translate to higher interest rates on a wide range of loans that are keyed off the rate, including small business loans and some credit card loans.

Lending out at slightly higher rates could give a small boost to bank earnings in the coming quarters.

(Reporting by Dan Wilchins in New York; Editing by Savio D'Souza)

Stocks treated in this article : JPMorgan Chase & Co., Bank of America Corp, Wells Fargo & Co