Stocks surged as traders responded strongly to the first major inflation report of the year and the kickoff of fourth-quarter earnings season, though one strategist warns the market’s recent fickle nature should keep investors on their toes.

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.