The markets closed modestly higher after the Federal Reserve held interest rates steady. The Dow added 4 points to 11,812 while Nasdaq soared 33 points to 2401.

On the upside

An analyst from C. L. King ugraded Spherion (NYSE: SFN).

WuXi Pharmatech (NYSE: WX) entered a joint venture with Covance (NYSE: CVD) to provide preclinical research services in China.

Genco Shipping (NYSE: GNK) extended the time charter for its Supramax vessel.

On the downside

Jefferies & Co. analyst Howard Rubel warned that declining civil aircraft orders will negatively impact BE Aerospace (Nasdaq: BEAV).

Third quarter earnings fell for Sonic (NYSE: SONC) as cold weather and higher prices hurt sales.

Robert W. Baird & Co. analyst William V. Power downgraded Syniverse Holdings (NYSE: SVR) saying that the merger of two clients will affect sales. Verizon Communications will purchase Alltel in a deal valued at approximately $28.1 billion.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 716.