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.

Its streaming division has also reached profitability, and subscriber gains should deliver margin expansion for the streaming business. Now, one Wall Street analyst is taking notice, calling the stock a buy on better times for the media business.

Asian shares have advanced following a rally on Wall Street driven by encouraging update on U.S. inflation. Oil prices rose and U.S. futures were little changed.

New York (CNN) — US stocks surged higher Wednesday after an encouraging inflation report and blockbuster profits for some of America’s biggest banks. The Dow surged 703 points, or 1.65%, to close at 43,222. The S&P 500 rose 1.83% and the tech-heavy Nasdaq Composite ended the day higher by 2.45%.

BMO Capital Markets forecasts the S&P 500 will reach 6,700, reflecting a gain of 13.2%. Chief investment strategist Brian Belski said he and his team "remain resolutely bullish," but expect "performance and fundamentals will more closely match the historical norms -- namely, in the high-single digit/low-double-digit percentage range in 2025."

Asian shares are mixed after gains for oil and gas producers helped offset drops for Nvidia and other Big Tech companies on Wall Street.