Fed may raise interest rates but markets rise

The markets closed higher with the Dow gaining 59 points to 16,979 even as the Federal Reserve minutes indicated that the agency may soon increase interest rate. Nasdaq eased a point to 4526.

On the upside

Infineon will pay approximately $3 billion in cash to acquire International Rectifier (NYSE: IRF).

Shares of China Finance Online (Nasdaq: JRJC) continued soaring.

Pernix Therapeutics (Nasdaq: PTX) completed its acquisition of Treximet from GlaxoSmithKline and updated its 2014 and 2015 full year guidance.

On the downside

Noranda Aluminum (NYSE: NOR) extended its losses.

Noah Holdings (NYSE: NOAH) reported higher second quarter earnings and revenue but margins fell.

Mad Money's Jim Cramer suggested that investors avoid FuelCell Energy (Nasdaq: FCEL).

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners edged out advancers by nearly 3 to 2 on Nasdaq. The broader S&P 500 rose 4 points to 1986. Bitcoin gained $37 to $517.

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