Data on Wednesday showed U.S. consumer prices rose moderately in January but underlying inflation remained benign as the COVID-19 pandemic continues to be a drag on the labor market and services industry. President Joe Biden on Tuesday agreed to a proposal by Democratic lawmakers to limit or phase out stimulus payments to higher-income individuals as part of his administration's $1.9 trillion coronavirus relief bill. Fourth-quarter earnings have also exceeded expectations with analysts now predicting earnings for S&P 500 firms will rise 2.5%, a stark reversal from the 10.3% decline forecast at the beginning of the year, per Refinitiv.