Markets Higher On Low Interest Rate Expectations

Expectations that the Federal Reserve will maintain historically low interest rates lifted the markets during the midday with the Dow rising 38 points to 15,533. Nasdaq gained 26 points to 3744.

On the upside

Kythera Biopharmaceuticals (Nasdaq: KYTH) reported positive results from two late stage clinical trials of its ATX-101 to reduce submental fat.

Agenus (Nasdaq: AGEN) reported additional upbeat results from a Phase 2 study of its brain cancer vaccine Prophage Series G-100.

Safeway (NYSE: SWY) adopted a shareholder rights plan to prevent a hostile takeover.

Berry Plastics Group (NYSE: BERY) blamed higher expenses and increased competition for cutting its fourth quarter outlook.

Sutor Technology Group (Nasdaq: SUTR) reported higher fourth quarter earnings and revenue but the stock price fell.

Green Plains Renewable Energy (Nasdaq: GPRE) priced its offering of $100 million convertible senior notes.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 gained 7 points to 1704.