Mid-Afternoon Market Update: Fed Leaves Rates Unchanged; Bob Evans Farms Shares Drop Following Weak Forecast

Toward the end of trading Wednesday, the Dow traded up 0.37 percent to 17,740.63 while the NASDAQ climbed 0.35 percent to 4,860.48. The S&P also rose, gaining 0.41 percent to 2,083.90.

On Wednesday, basic materials shares gained by 1.9 percent. Top gainers in the sector included

and

. In trading on Wednesday, utilities shares declined by 0.15 percent. Meanwhile, top losers in the sector included

, down 8 percent, and

, down 8 percent.

and

revealed that they reached a definitive merger agreement under which Aegerion will be merged with a fully owned indirect subsidiary of QLT. According to the company, after the planned merger completion, each outstanding share of Aegerion would be exchanged for 1.0256 shares of QLT common stock. The companies indicated QLT intends to change its name after the closing of the proposed transaction to Novelion Therapeutics Inc.

shares shot up 26 percent to $8.73 as

offered to buy Patriot National for $9.50 per share. Shares of

got a boost, shooting up 34 percent to $1.78 following merger announcement with QLT.

shares were also up, gaining 25 percent to $1.70. Infinity Pharmaceuticals released the initial data for Duvelisib on June 15, which were below expectations. Morgan Stanley downgraded the rating on Infinity from Overweight to Equal Weight, while lowering the price target from $11 to $1. Jefferies also downgraded the stock from Buy to Hold, while Wells Fargo downgraded the company from Outperform to Market Perform.

shares dropped 25 percent to $0.86 following announcement of share purchase agreement with KalVista Pharmaceuticals. KalVista will become wholly-owned subsidary of Carbylan. Shares of

were down 9 percent to $2.63 as the company reported a private placement of shares at $2.36 per unit for a total of $7.08 million.

was down, falling around 10 percent to $40.27. Bob Evans Farms reported better-than-expected earnings for its fourth quarter, but issued a weak earnings forecast for the year.

In commodity news, oil traded down 0.60 percent to $48.20 while gold traded up 0.11 percent to $1,289.50. Silver traded up 0.49 percent Wednesday to $17.51, while copper rose 2.52 percent to $2.09.

European shares closed higher today. The eurozone's STOXX 600 rose 0.97 percent, the Spanish Ibex Index gained 1.53 percent, while Italy's FTSE MIB Index climbed 1.49 percent. Meanwhile the German DAX gained 0.92 percent, and the French CAC 40 rose 1.00 percent, while U.K. shares rose 0.73 percent.

The MBA reported that its index of mortgage application activity declined 2.40 percent for the week ended June 10, 2016. U.S. producer prices increased 0.4 percent in May, versus economists' expectations for a 0.3 percent growth. The Empire State manufacturing index climbed to 6.01 in June, versus a prior reading of -9.02. Economists were expecting a reading of -4.00. U.S. industrial production declined 0.40 percent for May, versus economists' expectations for a 0.20 percent drop. U.S. crude supplies slipped by 933,000 barrels for the week ended June 10, the U.S. Energy Information Administration reported. However, analysts were expecting a decline of 2.26 million barrels. Gasoline supplies slipped 2.6 million barrels, while distillate stockpiles rose 786,000 barrels last week. The Federal Reserve left the target range for its federal funds rate unchanged at 0.25 percent to 0.5 percent during today's meeting. Fed Chair Janet Yellen is now holding a press conference.