Authors: Jeanette Torres
(NEW YORK) -- Overseas stock markets rebounded Wednesday on the heels of Wall Street's surge Tuesday, which put the Dow Jones Industrial Average back above the 11,000 mark.
Japan's Nikkei index rose 1.1 percent, while Hong Kong’s Hang Seng went up 2.3 percent and South Korea's Kospi jumped by 0.3 percent. Australia's S&P/ASX 200 and New Zealand's NZX-50 also saw gains, climbing 2.6 percent and close to three percent, respectively.
This latest upswing comes after the U.S. stock market recovered from the Dow dipping 634 points on Monday, marking the biggest point loss in a single day since Dec. 1, 2008.
On Tuesday, the Dow shot up 430 points to 11,240 after the Federal Reserve pledged to keep interest rates at their historic low at least through mid-2013. The S&P also closed up 53 points, while the Nasdaq added 125 points.
U.S. stock futures are down going into Wednesday's opening.
Meanwhile, oil prices are on the rise again. Crude is now approaching $82 a barrel.
And in other business news, the government will be releasing several reports on Wednesday. The Commerce Department is set to unveil its numbers for wholesale trade in June, the Labor Department will release its reports on job openings and turnover, and the Treasury Department is expected to come out with its federal budget statement for last month.
Copyright 2011 ABC News Radio