The Federal Reserve's announcement that it will maintain low interest rates until at least 2014 lifted the markets higher during the midday with the Dow rising 47 points to 12,722. Nasdaq climbed 26 points to 2812.

On the upside

CA (Nasdaq: CA) reported higher third quarter earnings and revenue that beat expectations and lifted its full year guidance.

Fourth quarter earnings surged for Delta Air Lines (NYSE: DAL) to handily beat analyst expectations as the company increased ticket prices.

Tempur-Pedic International (NYSE: TPX) reported higher fourth quarter earnings that topped analyst estimates and forecast 2012 results ahead of expectations.

On the downside

Fusion-io (NYSE: FIO) narrowed second quarter losses but the company warned of lower margins in the current quarter.

Xerox (NYSE: XRX) reported fourth quarter earnings that more than doubled but revenue fell short of expectations.

Hess (NYSE: HES) fell to a loss for the fourth quarter.

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 5 points to 793.