U.S. stocks are ripping higher Wednesday after getting a shot of adrenaline from an encouraging update on U.S. inflation. Strong profit reports from Wells Fargo and other big U.S. banks are also helping to launch indexes toward their best day in two months.

U.S. stocks are ticking higher following an encouraging update on inflation. The S&P 500 rose 0.4% in early trading Tuesday. The Dow Jones Industrial Average was up 163 points, and the Nasdaq composite was 0.

US stocks jumped at the open 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.