Stocks were rebounding in the United States and Europe Wednesday after a mixed showing in Asia as edgy traders looked for bargains following a global sell-off Tuesday.
The Dow Jones industrials, which began bouncing back from steep losses late Tuesday, kept regaining lost ground in the early going Wednesday. The Dow was up 96.29 at 8,559.14 Wednesday morning.At one point Tuesday, the Dow was down 257.98 points, or 3 percent, bringing losses to more than 1,000 points from the July 17 record of 9,337.97. But late buying reduced Tuesday's loss to 112 points.
Broader indicators also were on the rise Wednesday.
The market has been shaken by Japan's deepening recession and fears it not only will set back a recovery in Asia's yearlong economic crisis but worsen the fallout elsewhere. But the tailspin in stocks paused Wednesday as lower prices attracted some bargain-hunting.
In Europe, Frankfurt's DAX index had climbed 2.9 percent, while London's Financial Times-Stock Exchange index was up 0.8 percent in afternoon trading.
In Russia, stocks rallied after a 9 percent drop on Tuesday in which trading was temporarily halted because of the sharp losses. The Russian Trading System was up 4.7 percent in early dealings.
At the Tokyo Stock Exchange, on its longest roll of losing days in two years, Tuesday's tailspin in New York was only the latest in a steady stream of dark market news. But with prices already low and many dealers away for summer holidays, the reaction was muted.
The benchmark Nikkei Stock Average fell 28.02 points, or 0.18 percent, closing at 15,378.97 in its eighth straight day of losses.
"It doesn't seem panicky . . . just this sort of ongoing depression," said Paul Migliorato, senior manager of institutional sales at Jardine Fleming Securities. "No one is near the window ledges."
Still, some were jittery after Tuesday's volatile performance in markets around the world.