US stocks rallied Wednesday after an encouraging inflation report and blockbuster profits for some of America’s biggest banks. The Dow surged around 775 points, or 1.82%, in afternoon trading. The S&P 500 rose 1.

U.S. stocks dipped on Thursday as a jump in the prior session cooled, while investors eyed the most recent corporate earnings and gauged economic data to determine the path of Federal Reserve rate cuts.

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.