First time applications for unemployment benefits dropped last week to lift the markets to a sharply higher open with the Dow soaring 124 points to 17,124. Nasdaq climbed 39 points to 4,714.

On the upside

Vericel (Nasdaq: VCEL) reported positive data from a Phase 2b ixCELL-DCM clinical trial of ixmyelocel-T in patients with advanced heart failure due to ischemic dilated cardiomyopathy.

Plug Power (Nasdaq: PLUG) narrowed fourth quarter losses as revenue rose.

Shares of Peabody Energy (NYSE: BTU) continued climbing.

On the downside

Cross Country Healthcare (Nasdaq: CCRN) reported a greater than expected loss for the fourth quarter and forecast current quarter results below estimates.

Fourth quarter earnings and revenue for Energy Focus (Nasdaq: EFOI) fell short of expectations and the company forecast current quarter revenue that missed estimates.

Williams Companies (NYSE: WMB) began trading ex-dividend today.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 climbed 14 points to 2,004. Bitcoin added $3 to $415.