Market Insider

What? It's Wednesday? After blue Monday and turnaround Tuesday

The stock market's blue Monday turned into turnaround Tuesday, so what about Wednesday?

Traders say the more than 1 percent selloff Monday came and went without any panic, and Tuesday's buyers were looking for bargains. The gained 1.1 percent to 1,838, and the Dow was up 0.7 percent to 16,373.

The Nasdaq set a new 13-year closing high of 4,183, a rise of 1.7 percent led by gains in tech and biotech stocks. The VIX, the CBOE's volatility index, lost nearly 8 percent Tuesday, nearly reversing Monday's gains.

"I do think some of this may have to do with the fact that we have an expiration week. It may be playing with some of these portfolios," said Art Cashin, director of floor operations at UBS. There is a triple expiration of futures and options Friday.