U.S. shares also were buoyed by gains in Chinese and European equities, as well as upbeat corporate earnings from Priceline ( PCLN ) and Garmin ( GRMN ). Driven higher by significant gains among material and energy stock, the U.S. markets were rallying for a third consecutive day, overcoming positive inflation data seen as providing the Federal Reserve with the ammunition it needs to further raise interest rates. Investors also have been betting on the Federal Reserve Open Market Committee to downplay the likelihood for additional rate hikes when minutes from its January meeting are released later today.