Higher open on surge in Asian markets

Sharp gains in Asian markets lifted domestic markets to a higher open with the Dow climbing 61 points to 16,554. Nasdaq advanced 21 points to 4,833.

On the upside

Akebia Therapeutics (Nasdaq: AKBA) reported positive results from a Phase 2 study of vadadustat in dialysis patients with anemia related to chronic kidney disease.

Vitae Pharmaceuticals (Nasdaq: VTAE) announced positive results from a Phase 1 clinical study of VTP-43742 in autoimmune disorders.

Netflix (Nasdaq: NFLX) will launch its streaming service in South Korea, Singapore, Hong Kong and Taiwan in early 2016.

On the downside

Tetraphase Pharmaceuticals (Nasdaq: TTPH) reported disappointing results from an IGNITE2 phase 3 clinical trial of eravacycline to treat complicated urinary tract infections.

Hovnanian Enterprises (NYSE: HOV) fell to a loss for the third quarter.

Flexion Therapeutics' (Nasdaq: FLXN) pain treatment FX006 failed to reach statistical significance at the primary endpoint of its Phase 2b clinical trial.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 7 points to 1,976. Bitcoin lost $4 to $238.