A stronger than expected gain in new home sales lifted the markets to a sharply higher open with the Dow soaring 131 points to 24,579. Nasdaq gained 32 points to 7160.

On the upside

Weatherford International (NYSE: WFT) narrowed first quarter losses more than expected as revenue rose.

Santander Consumer USA Holdings (NYSE: SC) reported better than expected earnings and revenue for the first quarter.

Cadence Design Systems (Nasdaq: CDNS) reported higher first quarter earnings that topped estimates.

On the downside

3M (NYSE: MMM) reported higher first quarter earnings and revenue but the stock price fell.

First quarter earnings for Freeport-McMoRan (NYSE: FCX) missed expectations.

A judge rejected Enbridge's (NYSE: ENB) proposed route through Minnesota for its Line 3 pipeline.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 gained 10 points to 2,680. Bitcoin soared $331 to $9,269.