Strong earnings news lifted the markets to a sharply higher open with the Dow soaring 90 points to 23,087. Nasdaq gained 11 points to 6,634.

On the upside

International Business Machines (NYSE: IBM) reported better than expected third quarter earnings and revenue.

Spectrum Pharmaceuticals (Nasdaq: SPPI) presented encouraging interim data for its Phase 2 clinical trial of poziotinib to treat EGFR Exon 20 Mutant Non-Small Cell Lung Cancer.

Bank of America/Merrill Lynch lifted its price target on Cree (Nasdaq: CREE) from $31.00 to $32.00.

On the downside

Shares of MannKind (Nasdaq: MNKD) extended its losses.

MobileIron (Nasdaq: MOBL) announced the immediate departure of chief executive Barry Mainz and forecast third quarter revenue that fell short of analyst expectations.

Stifel Nicolaus lifted its price target on Synchronoss Technologies (Nasdaq: SNCR) from $10.00 to $12.00 but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 8 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 rose 3 points to 2,562. Bitcoin crashed $463 to $5,111.