Renewed optimism that Congress will pass a plan to cut corporate taxes lifted the markets to a sharply higher open with the Dow climbing 73 points to 24,013. Nasdaq gained 28 points to 6,852.

On the upside

Kroger (NYSE: KR) reported higher third quarter earnings and revenue that beat analyst expectations.

Third quarter earnings and revenue rose for Michaels (Nasdaq: MIK).

Enbridge (NYSE: ENB) increased its quarterly dividend to $0.671 per common share payable on March 1, 2018 to shareholders of record on February 15, 2018.

On the downside

Nokia (NYSE: NOK) denied reports that it was in discussions to acquire Juniper Networks (NYSE: JNPR).

Investors locked in profits on Rite Aid (NYSE: RAD).

Retreating gold prices weighed down shares of Barrick Gold (NYSE: ABX).

In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 rose 7 points to 2,633. Bitcoin crashed $655 to $9,244.