Stocks were mostly higher on Wednesday after new data for consumer prices showed muted inflation pressures on the economy, while the passage of a new $1.9 trillion stimulus package led stronger sentiment for a faster recovery.

The Labor Department reported that consumer prices rose 0.4% in February, matching consensus expectations and easing fears of out-of-control inflation rates as the economy begins to reopen. This was a mild acceleration from January's 0.3% gain and the ninth consecutive month of gains. The Consumer Price Index gained 1.7% on a year-over-year basis, also in line with estimates.

Meanwhile, the House of Representatives passed a $1.9 trillion coronavirus relief bill Wednesday afternoon, with President Joe Biden expected to sign it by Friday.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +0.60% or +23.32 points to 3,898.76

Dow Jones Industrial Average (DIA  ): +1.46% or +464.35 points to 32,297.09

Nasdaq Composite Index (QQQ  ): -0.04% or -4.99 points to 13,068.83

For Stocks, shares of the online gaming platform Roblox (RBLX  ) opened on the New York Stock Exchange at $64.50 each, popping 43% from the company's direct listing reference price of $45 per share. The "meme stock" GameStop (GME  ) went on a rollercoaster on Wednesday, with sharing rising to an intraday high of $348.50 before plunging below $200, triggering a circuit breaker. Despite the rapid sell-off, the stock ended the day higher at $265.

For Sector Performance, sectors on the S&P 500 ended mostly higher on Wednesday, with only Information Technology (XLK  ) sinking into negative territory. Energy (XLE  ) was the largest gainer at over 2%, while Financials (XLF  ), Materials (XLB  ), Industrials (XLI  ) and Consumer Staples (XLP  ) rose over 1%.

For Commodities and Currency, the U.S. Dollar (UUP  ) slipped lower on Wednesday following a muted U.S. inflation report, boosting risk sentiment for other currencies. The dollar index, which track the greenback against rival currencies, edged 0.17% lower at 91.845. Gold (GLD  ) prices rose slightly higher on falling dollar values and easing U.S. Treasury yields on Wednesday. Spot gold was 0.2% higher at $1,718.36 per ounce, while U.S. gold futures settled 0.19% higher at $1,720.00 per ounce. Crude oil futures rose on Wednesday despite a huge jump in U.S. inventories this week. However, more positive global recovery outlooks and the easing U.S. dollar benefitted barrel prices. International benchmark Brent Crude (BNO  ) rose 0.56% to $67.90 per barrel, while domestic index West Texas Intermediate (USO  ) settled 0.67% higher at $64.44 each.

For Thursday, investors will turn their attention to fresh weekly U.S. unemployment data.