Cooler-than-expected inflation readings and positive bank earnings provided a string of good news for bulls after a dismal start of the year.

Global markets treaded water on Wednesday ahead of U.S. consumer price data that could potentially shift the monetary policy outlook there, while investors waited to see if earnings of big banks would match sky-high expectations.

That sound you heard coming from Wall Street on Wednesday? A huge sigh of relief following strong earnings from Dow components Goldman Sachs and JPMorgan Chase as well as other big banks, coupled with a smaller increase in core consumer prices for December than economists were expecting.