By Andy Giersher

(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.

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“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.

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He also adds stock market valuations appear to still be a little on the high side.

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