Christmas cheer on Wall Street, Dow Jones jumps 527 points

NEW YORK, New York - U.S. stocks surged on Wednesday despite U.S. treasury yields rising.

"We got sort of oversold, and I think the market was looking for an excuse to rally, and the Nike and FedEx number provided that," Sam Stovall, chief investment strategist at CFRA Research told CNBC Wednesday.

"I really question, however, if this is something that's going to be long-lasting," Stovall said.

Nike j