U.S. stocks ripped higher Wednesday following a shot of adrenaline from an encouraging update on U.S. inflation. Strong profit reports from Wells Fargo and other big U.S. banks also helped launch indexes to their best day in two months.

US stocks soared as traders cheered encouraging inflation data, while the 10-year Treasury plunged 13 basis points.

US stocks jumped at the open after consumer price data showed inflation continues to slow. Strong bank earnings also helped lift sentiment.

The Dow surged 700 points after the latest core inflation report indicated a slowdown, bolstered further by strong banking earnings.