(CBS) -- Stocks soared on Wednesday, rebounding from a string of consecutive down days that pushed equity markets into correction territory. All three of the major indices posted gains of nearly 4-percent for the session. The S&P 500 added 73, the Nasdaq gained 191 and the Dow Jones industrial average closed up 619 points, settling to 16,285.
"Today's stock market activity is almost the exact opposite of what we saw yesterday, where markets rallied early in the day and then at about 1 o'clock or so started to fade, then took a serious negative tone towards the last half hour of the session. Today we rallied at the open, kind of faded back midday, then at about 1 o'clock or so we started rallying again and then really gained some steam in the last hour of trading." says Paul Nolte, portfolio manager at Kingsview Asset Management.
He also adds stock market valuations appear to still be a little on the high side.
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