(CNBC) U.S. stocks closed higher by about 1.5 percent or more Wednesday, following a rally in global markets, but the major averages still posted the worst quarter in four years. ( Tweet This )
"I think there's a lot of short covering going on. A lot of people looking at yesterday's dip as a successful retest of the lows," said Marc Chaikin, CEO of Chaikin Analytics. "We have to see how the market closes out this week and the first trading week of October."
He noted that Apple underperformed the major indices with a gain of about 0.8 percent on the day. "The fact that Apple can't get going is negative for the market," he said. The iPhone maker stock posted a nearly 12.1 percent loss for the quarter.
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