Stocks regained their footing this afternoon after consumer price index (CPI) data for December showed inflation is easing as economists expected. Traders are now turning to the Federal Reserve, which tied its hawkish policy to controlling red-hot inflation, for direction.

In response to the strong economic data, the Dow rose 216 points for its third-straight triple-digit gain. While the S&P 500 and Nasdaq saw more modest wins, the latter is on its longest win streak since July after a fifth consecutive pop. Conversely, the Cboe Volatility Index (VIX) settled below 20 for the first time since Dec. 2.

GOLD PRICES SURGE TO HIGHEST LEVEL SINCE APRIL

Oil prices saw even more gains on Thursday, nabbing a sixth-straight gain to mark their longest win streak since February. Cooling inflation and a weaker U.S. dollar helped the commodity. February-dated crude rose 98 cents, or 1.3%, to settle at $78.39 per barrel.

Gold prices also had a big day, settling at their highest level since April. Hopes that the Fed will slow down the pace of interest rate hikes contributed to the yellow metal's rise. In turn, February-dated gold added $19.90, or 1.1%, to settle at $1,898.80 per ounce.

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