Asian and Pacific stocks were mostly up Wednesday after a volatile day on Wall Street that ended with a rally, reported CNN.
Tokyo's Nikkei index climbed about 1.4 percent in mid-afternoon trading, Australia's All Ordinaries index was up about 0.32 percent and Seoul's KOSPI index moved down about 0.38 percent.
Chinese markets in Shanghai and Hong Kong were both up, with the Shanghai Composite index rising 1.87 percent and the Hang Seng index up 1.44 percent.
In the United States on Tuesday, the Dow Jones industrial average gained 270 points, or 3.3 percent, as investors welcomed signs that Detroit's struggling Big Three automakers might get a bailout after all.
The Standard & Poor's 500 index added 4.0 percent and the Nasdaq composite climbed 3.7 percent.
The automakers were in focus throughout the session, releasing monthly sales results and also submitting their bailout plans to Congress. After having been rebuffed last month, the automakers are again seeking access to billions in taxpayer money.
General Motors, Ford and Chrysler all reported a big plunge in November sales. But some of the auto news was more positive. Ford's CEO said his company can survive through 2009 without government help. However, GM said it needs $18 billion to get through next year.
Tuesday's advance followed a steep plunge Monday, when reports showed the U.S. economy has officially been in a recession since December 2007 and that November manufacturing activity hit a 26-year low.
Monday's sell-off followed a massive five-session run that saw the S&P 500 rally 19 percent after hitting multi-year lows. During the same time, the Dow and Nasdaq both gained nearly 17 percent.
The advance on Tuesday was simply "a bounce off of the previous session's levels," rather than anything more lasting, said Thomas Nyheim, portfolio manager at Christiana Bank & Trust Company.
Although the volatility is likely to continue, stocks could manage a rally near the end of this year or the start of the next, Nyheim said, as investors anticipate a stimulus package from the new administration.
U.S. light crude oil for January delivery eased $2.32 to settle at $46.96 a barrel on the New York Mercantile Exchange -- a 3 1/2 year low.