Major indexes in the US stock market rallied to close with large gains Wednesday ahead of key consumer inflation data. 

The Dow Jones added 305 points, or 0.86%, to close at 35,768.

The S&P 500 gained 65 points, or 1.45%, to end the day at 4,587.

The tech-heavy Nasdaq soared 295 points, or 2.08%, to finish at 14,490.

The VIX volatility index was down 6.4% to 20.07, as the fear index continues to find strong support at the key level of 20.

The dollar index fell 0.1% to 95.55 and the yield on 10-year US Treasury notes decreased 0.46% to 1.947%.

Precious metals were on the rise, with gold adding 0.4% to $1,833 per ounce and silver gaining 0.46% to $23.3.

Crude oil prices recovered from a two-day loss. Brent crude was trading at $91.78 per barrel with a 1.1% gain, while US benchmark West Texas Intermediate was at $90.03, up 0.75%.

US consumer prices in December were up 7% year-on-year, marking the highest annual increase in almost 40 years. The rise for January is expected to come in at 7.3%, according to estimates.

The consumer price index for January will be released before the market opens at 8.30 a.m. EDT Thursday.

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