Stocks were higher on Wednesday, with the S&P 500 Index and Nasdaq Composite snapping three day losing streaks, as traders were encouraged by a mostly positive start to the corporate earnings session. The Dow Jones Industrial Average rose over 340 points, while the S&P and Nasdaq rallied over 1% and 2% higher.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.12% or +49.14 points to 4,446.59

Dow Jones Industrial Average (DIA  ): +1.01% or +344.23 points to 34,564.59

Nasdaq Composite Index (QQQ  ): +2.03% or +272.02 points to 13,643.59

Producer prices reach record high in March:

U.S. producer prices rose at the fastest rate on record in March, according to the Bureau of Labor Statistics report published Wednesday.

The institution's producer price index, which measures the prices paid by wholesalers, increased 11.2% in March compared to the same month last year, and by the most since the BLS started tracking the data in November 2010. On a monthly basis, the index rose 1.4%, another record.

Excluding more volatile food and energy prices, core PPI rose 0.9% on a monthly basis, marking the biggest gain since January 2021. March's core PPI also rose 7% on an annual basis.

JPMorgan reports first quarter profits hit from Russia-Ukraine war:

JPMorgan Chase (JPM  ) said Wednesday in its Q1 earnings report that its quarterly profits were impacted by increased costs for bad loans and the market volatility driven by Russia's war with Ukraine.

The bank's first quarter revenue was $31.59 billion and its adjusted earnings were $2.76 per share, both above consensus expectations, but its profit fell 42% from a year earlier to $8.28 billion. The bank said it booked a $902 million charge for building credit reserves for anticipated loan losses, and reported $524 million in losses due to markdowns and widening spreads after the war began.

"We remain optimistic on the economy, at least for the short term--consumer and business balance sheets as well as consumer spending remain at healthy levels--but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine," CEO Jamie Dimon said in a statement.

Here's how benchmarks started trading after market open:

S&P 500 Index: -0.10% or -4.23 points to 4,393.22

Dow Jones Industrial Average: -0.09% or -32.30 points to 34,188.06

Nasdaq Composite Index: -0.07% or -9.23 points to 13,362.34