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 jumped on Wednesday after consumer price data showed inflation continues to slow. Strong bank earnings also helped lift sentiment.

The major indexes rose Tuesday on lower-than-expected December producer price index numbers. Palantir looks to end a losing streak.