12:09 PM EST, 01/15/2025 (MT Newswires) -- All three major US stock indexes rallied around midday Wednesday after the cooler-than-expected December core inflation increase and big banks' Q4 earnings beats.

The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.4% in December, as expected in a survey compiled by Bloomberg and following a 0.3% increase in November. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase and slower than a 0.3% gain in November.

In corporate news, Goldman Sachs ( GS ) reported earnings of $11.95 per diluted share and total net revenue of $13.87 billion, topping market expectations. Goldman Sachs ( GS ) shares advanced 5.3%.

JPMorgan Chase ( JPM ) reported earnings of $4.81 per diluted share and net revenue of $42.77 billion, exceeding analyst estimates. JPMorgan ( JPM ) shares were up 1.8%.

Citigroup ( C ) shares climbed 7.2% after it reported above-consensus earnings of $1.34 per diluted share and total revenue, net of interest expense, of $19.58 billion.

Wells Fargo ( WFC ) shares added 5.9% after it reported earnings of $1.43 per diluted share and total revenue of $20.38 billion. Analysts polled by FactSet expected $1.35 and $20.58 billion, respectively.

Beacon Roofing Supply ( BECN ) shares jumped 10% after QXO (QXO) announced its offer to acquire Beacon for $124.25 in cash, representing a total transaction value of about $11 billion and a 14% premium to Tuesday's closing price for the stock. QXO shares slid 2.4%.

Microsoft ( MSFT ) shares gained 2.2% after it launched Microsoft ( MSFT ) 365 Copilot Chat that adds "pay-as-you-go agents" to the current free chat service for the commercial customers of Microsoft ( MSFT ) 365.

Price: 600.95, Change: +29.42, Percent Change: +5.15