Upbeat corporate earnings news lifted the markets to a sharply higher open with the Dow soaring 175 points to 10,641. Nasdaq surged 39 points to 2294.

On the upside

Allergan (NYSE: AGN) reported higher second quarter income that beat analyst expectations as revenue climbed.

HSBC (NYSE: HBC) reported that earnings more than doubled for the first half of the year as loan loss provisions sank.

Shares of Geron (NYSE: GERN) continued climbing after the Food and Drug Administration cleared the biopharmaceutical to begin testing embryonic stem cell treatments on humans.

On the downside

Omnicare (NYSE: OCR) announced the immediate retirement of president and chief executive Joel F. Gemunder to be replaced on an interim basis by James D. Shelton.

Second quarter earnings for Charles River Laboratories (NYSE: CRL) plummeted to fall short of estimates and the company lowered its full year guidance.

Dynavax Technologies (Nasdaq: DVAX) disappointed by swinging to a loss for the second quarter as expenses climbed.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 657.