Stocks pause, finish flat after big 2-day rally

Stocks finished basically flat Thursday as Wall Street was taking a breather after its best two-day rally since early March elevated the Dow Jones industrial average to a five-month high.

The Dow Jones industrial average inched up 0.1% to a new 2016 high, 17,926.43. Finishing fractionally higher was the S&P 500, while the Nasdaq composite ended lower by a trace.

Coming into the session the Dow had put together back-to-back triple-digit gains, one powered by hopes for an oil production freeze and the other sparked by a better-than-expected earnings report Wednesday from giant bank JPMorgan Chase (JPM).

On Wednesday, the Dow rallied 187 points to 17,908.28, marking its highest level since Nov. 6, 2015. The Dow is now up 2.8% in 2016.

Thursday's trading was influenced by fresh bank earnings from Bank of America (BAC), which topped both earnings and revenue estimates, and Wells Fargo (WFC), which topped profit expectations by 2 cents but fell short on revenue. The results of both banks were less robust and positive than JPMorgan's results. Bank of America shares gained 2.5% and Wells Fargo fell 0.5%.

Bank of America's Q1 income down 13% after trading revenue falls

Wall Street is also digesting another strong reading in the job market. The latest reading on weekly jobless claims fell by 13,000 to 253,000, below the 266,000 from the prior week.

A key reading on inflation at the consumer level may also add into the investment calculus today. The consumer price index, or CPI, which measures pricing of everyday products, rose 0.1% in March.

Consumer prices up a modest 0.1% in March; food costs rise as energy drops

Global markets were higher across the board. In Asia, Japan's Nikkei 225 rallied 3.2%, the Hang Seng index in Hong Kong jumped 0.9% and shares of mainland China's Shanghai composite rose 0.5%.

In Europe, stocks are sporting  gains. The broad Stoxx Europe 600 was up 0.2%, Germany's DAX was 0.5% higher and the CAC 40 in Paris was up 0.3%.

U.S.-produced crude continued their recent trend of stabilization, rising 15 cents to $41.91 per barrel.

Adam Shell on Twitter: @adamshell.