Stocks rise, oil surges

Markets were mostly up on Wednesday.

The S&P 500 rose 1.7 percent, the STOXX Europe 600 surged 2.6 percent and the Shanghai Composite Index rose 1.1 percent.

Stocks were boosted by surging oil prices. West Texas Intermediate crude futures rose 5.6 percent on Wednesday while Brent jumped 7.2 percent.

With the S&P 500 having put in three consecutive days of gains of over 1.6 percent each, CNNMoney's Heather Long thinks that the current rally could be the "real deal", especially with oil prices also going up, the US economy holding firm and the Federal Reserve becoming more cautious with rate hikes.