U.S. stocks jumped on Wednesday to resume their February rally, as investors cheered a batch of solid corporate earnings as well as data showing subdued inflation.
The Dow Jones Industrials recovered 114.17 points to begin Wednesday at 31,490
The S&P 500 recouped 13.27 points to 3,924.32.
The NASDAQ Composite added further to its all-time record, 65.81 points to 14,073.50.
Coca-Cola rose 1% after the company topped Wall Street's estimates for its fourth-quarter earnings with cost-cutting efforts. Under Armour jumped 11% after reporting a surprise profit for the holiday quarter as sales were boosted by strong digital growth.
Twitter popped 13.6% after the social media company beat Wall Street's earnings and revenue expectations.
Better-than-expected earnings from Lyft, Cisco Systems, Mattel and Yelp also boosted sentiment on Wall Street. Lyft reported signs of a recovery from the COVID-19 pandemic.
Traders will also be watching closely Federal Reserve Chairman Jerome Powell's speech before The Economic Club of New York at 2:00 p.m. ET.
The advance came after data from the U.S. Labor Department indicated tamed inflationary pressure. The U.S. consumer price index rose 0.3% in January, matching expectations from economists polled by Dow Jones. The core consumer price index, which excludes volatile food and energy costs, was unchanged last month.
Still, Wall Street is having a strong February with the S&P 500 up more than 5% so far. Investors remained optimistic about additional COVID-19 stimulus. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.
Prices for 10-Year Treasurys gained, lowering yields to 1.14% from Tuesday's 1.16%. Treasury prices and yields move in opposite directions.
Oil prices eked higher two cents to $58.38 U.S. a barrel.
Gold prices gained $5.70 to $1,843.20 U.S. an ounce.