Markets open higher as Fed maintains rates

The markets opened higher with the Dow climbing 77 points to 17,233 after the Federal Reserve maintained interest rates. Nasdaq gained 20 points to 4,582.

On the upside

The Food and Drug Administration approved the fast-acting erectile dysfunction medication Stendra that was developed by Vivus (Nasdaq: VVUS) and Auxilium Pharmaceuticals (Nasdaq: AUXL).

Veritas Capital will pay $150 million in cash to acquire the Space Photovoltaics business of Emcore (Nasdaq: EMKR).

Penn West Petroleum (NYSE: PWE) swung to a profit for the second quarter and declared a quarterly dividend of $0.14 per share payable on October 15, 2014 to shareholders of record September 30, 2014.

On the downside

Rite Aid (NYSE: RAD) reported sharply higher second quarter earnings but the company cut its full year earnings outlook.

Pier 1 Imports (NYSE: PIR) disappointed with lower second quarter earnings that fell short of analyst expectations and lowered its full year guidance.

Marchex (Nasdaq: MCHX) lowered its full year call-driven revenue.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 added 5 points to 2007. Bitcoin fell $13 to $429.