Dow Jones stars on Wall Street, surges 478 points

NEW YORK, New York - U.S. stocks strode higher Wednesday although some in the markets were expressing caution.

"We do tend to think that U.S. equities right now are fairly valued but there's limited upside at these valuations," James Ashley, head of international market strategy at Goldman Sachs Asset Management, told CNBC Wednesday.

Here's a summary of the closing quotes for key indexes:

S&P