Markets continued their rally on Wednesday.
The S&P 500 rose 0.4 percent and the STOXX Europe rose 0.7 percent.
Earlier on Wednesday, stocks in Japan and Shanghai surged by more than 4 percent following the overnight jump in US stocks.
The resilience of stocks lately has led even the usually-pessimistic Marc Faber to acknowledge that stocks have become "extremely oversold" and that a "relatively strong rally" is possible.
Still, Faber thinks that after the near-term rally, stocks are likely to decline again.