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.

Cooler-than-expected inflation readings and positive bank earnings provided a string of good news for bulls, after a dismal start of the year.