An encouraging update on core consumer price inflation and a solid start to earnings season combined on Wednesday to send stocks flying and yields falling. The Nasdaq Composite surged 1.7%. The reading should help the Fed be a little more dovish heading into its January 28-29 policy meeting,

US benchmark equity indexes closed higher Wednesday, while Treasury yields plunged as traders parsed the latest consumer inflation report and earnings from major banks. The Nasdaq Composite jumped 2.5% to 19,

The Dow, S&P 500, and Nasdaq are rallying Wednesday as the stock market digests the latest CPI inflation report and earnings from several big U.S. banks.