A late surge saw stocks in Toronto and New York soar Wednesday.

The biggest bounce back was on Wall Street, where the Dow Jones industrial average had a gain of 619 points or nearly 4%.

The TSX composite index rose a more modest 231 points or 1.7%.

Investors balanced strong U.S. economic data and interest rate comments with fears about China’s economy.

New York Fed President William Dudley says the prospects of a September rate hike seemed ”less compelling” than just two weeks ago.

American durable goods orders also rose 2% in July.

Zoomer Media analyst Kim Parlee of TD Wealth Management says with the markets ”generally … things always swing too far one way and that’s why we had the big sell-off.  We tend to see it bounce back.”

She thinks its premature to suggest we’ve bottomed out.