Preheat oven to 350 degrees and spray a loaf pan with non-stick cooking spray.

In a large bowl, cream together sugar, butter, and eggs until light and fluffy. Sift together flour, soda, and salt. Add the flour mixture to the creamed mixture. Add the buttermilk. Stir until well mixed. Stir in nuts, cherries, and vanilla. Pour into loaf pan and bake for 55 to 60 minutes or until toothpick inserted in the middle comes out clean. Mix reserved cherry juice with powdered sugar and glaze the bread while it's warm. Cool before removing from loaf pan and slicing. Freezes well.