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Inflation data this week has come in below forecasts. Earnings season is off to a solid start. Is this the medicine the market nees?

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.

A key inflation metric eased for the first time since July as investors debate the Federal Reserve's next interest rate decision.

The cost of living rose more in December than the month before, as rising energy costs hurt household budgets and stoked inflation. However, "core" prices were cooler, providing some hope for lower inflation in the coming months.