Nasdaq, S&P 500 Close Higher

The markets got an epic case of whiplash Wednesday after first getting slammed by China devaluing its currency Tuesday, and then again for the second day in a row.

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The markets made a stunning turnaround as the S&P 500 and Nasdaq closed in the green after seeing major losses earlier in the day. At the low of the session, the S&P fell 32 points, while the Nasdaq dropped 91 points before clawing its way to positive territory. The Dow did turn positive briefly after being down 277 points. The Dow Jones industrials closed just slightly to the downside.

Two companies are feeling the "Yuan-two" punch from China. Alibaba shares skidded to a record low after the Internet commerce giant posted its slowest revenue growth in more than three years. Shares of Apple fell to their lowest level since January on worries about a slowdown in China, its second largest market in terms of revenue.

Two major earnings reports were out after the bell Wednesday. First up, Cisco -- the networking and router giant beat on fiscal fourth quarter estimates. And the company, with a new CEO at the helm, says it expects fiscal first quarter 2016 numbers to jump 2 to 4%.

News Corp also reported after the bell. The media giant beat on fiscal fourth quarter EPS, but missed slightly on revenue. Strength from its Realtor.com and HarperCollins Publishers divisions offset weakness in the newspaper division. The company announced its first semi-annual cash dividend of 10 cents per share. Shares of News Corp were flat after hours.

Even with volatility dragging the markets up and down, we saw a comeback Wednesday. Should that embolden you to snap up stocks? John Lekas is bearish, and even believes the Dow may eventually fall as low as 14,000.