Comments from Treasury Secretary Steven Mnuchin that a detailed tax reform plan will be implemented lifted the markets to a higher close with the Dow gaining 55 points to 21,948. Nasdaq climbed 60 points to 6,428.

On the upside

Shanghai Fosun Pharmaceutical acquired a 5.19% stake in Impax Laboratories (Nasdaq: IPXL).

Shoe Carnival (Nasdaq: SCVL) reported better than expected earnings for the second quarter.

Jumei International Holding (NYSE: JMEI) completed its acquisition of Shenzhen Jiedian Technology.

On the downside

Genesco (NYSE: GCO) fell to a loss for the second quarter.

Fourth quarter revenue fell for Campbell Soup (NYSE: CPB) while earnings missed expectations.

Shares of Barnes & Noble Education (NYSE: BNED) extended its losses.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 gained 14 points to 2,471. Bitcoin jumped $165 to $4,734.