Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.

The largest banks, including JPMorgan Chase, Wells Fargo and Goldman Sachs, reported bumper profits on Wednesday.

U.S. stocks are ripping higher Wednesday after getting a shot of adrenaline from an encouraging update on U.S. inflation. Strong profit reports from Wells Fargo and other big U.S. banks are also helping to launch indexes toward their best day in two months.