US stocks surged higher Wednesday after an encouraging inflation report and blockbuster profits for some of America’s biggest banks.

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.

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.

World stocks are mixed follow Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of the Federal Reserve’s rate cuts.