In midweek trade, stocks opened 3.5% higher after Monday's slump, but dropped back in the red briefly during the session.
The S and P 500 rallied late in the day on Wednesday on hopes of US stimulus to combat the economic impacts of coronavirus, including a potential cut to payroll tax.
President Donald Trump put pressure on the Federal Reserve to act. "Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed rate down to the levels of our competitor nations. They now have as much as a two point advantage, with even bigger currency help. Also, stimulate!" he tweeted.
In Australia, stocks closed nearly 5% higher midweek and Australian Securities Exchange futures were 34 points up.
Gold pulled back to $1660 an ounce as oil rose 10.4% to $34.36 a barrel.
"A drop below $1650 marks a loss of key support, and brings $1585 and then $1565 into play," IG chief market analyst Chris Beauchamp said.