Fed maintains low rates, markets soar

The markets soared to a sharply higher close with the Dow surging 121 points to 17,751 after the Federal Reserve maintained interest rates at current levels. Nasdaq gained 22 points to 5,111.

On the upside

The lock-up period expired for Shake Shack (NYSE: SHAK).

Second quarter earnings and revenue fell for U.S. Silica (NYSE: SLCA) but the results were better than expected.

Bloomberg reported that VimpelCom (Nasdaq: VIP) and CK Hutchison Holdings may merge their wireless business in Italy.

On the downside

Second quarter revenue for Big 5 Sporting Goods (Nasdaq: BGFV) missed analyst estimates and the company forecast current quarter revenue below expectations.

New Source Energy Partners (NYSE: NSLP) suspended its quarterly cash distribution.

Global Cash Access Holdings (NYSE: GCA) fell to a loss for the second quarter and lowered its full year earnings outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 9 to 7 on Nasdaq. The broader S&P 500 climbed 15 points to 2108. Bitcoin eased a fraction to $287.
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