03:49 PM EST, 01/15/2025 (MT Newswires) -- US benchmark equity indexes were on track to close higher Wednesday, while Treasury yields plunged as traders parsed the latest consumer inflation report and earnings from major banks.

The Nasdaq Composite was up 2.5% at 19,523.5, while the S&P 500 rose 1.9% to 5,955.6. The Dow Jones Industrial Average advanced 1.7% to 43,257.6. All sectors were higher, led by consumer discretionary, communication services, and financials.

US consumer inflation accelerated in December on both sequential and annual bases, while core measures came in below Wall Street's estimates, government data showed.

The US 10-year yield slumped 13.7 basis points to 4.65%, while the two-year rate lost 9.7 basis points to 4.27%.

Shares of Goldman Sachs ( GS ) , Citigroup ( C ) , and JPMorgan Chase (JPM) rose after the banks reported their latest quarterly financial results.

West Texas Intermediate crude oil was up 4% at $80.56 a barrel.