Markets Modestly Higher Ahead Of Fed's Rate Decision

The markets traded modestly higher with the Dow gaining 53 points to 11,045 ahead of the Federal Reserve's interest rate decision. Nasdaq eased a fraction to 2470.

On the upside

Alcon Laboratories (NYSE: ACL) will pay Synergetics (Nasdaq: SURG) $32 million to license certain products and to settle all litigation between the two companies.

Integrated Silicon Solution (Nasdaq: ISSI) reversed year ago losses to post a profit for the second quarter.

US Airways (NYSE: LCC) narrowed first quarter losses more than expected as revenue rose.

On the downside

Hutchinson Technology (Nasdaq: HTCH) disappointed with a wider than expected loss for the second quarter.

AOL (NYSE: AOL) reported sharply lower first quarter earnings as revenue dropped to fall short of estimates and the company warned of continued weakness in advertising revenue.

Manitowoc (NYSE: MTW) reported a first quarter loss as revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 722.