A man walks past a bank displaying the movements of the Hang Seng Index on an electronic board of the Hong Kong Stock Exchange in Hong Kong, 24 Jan 2008

Most Asian markets made strong gains Wednesday, while share prices surged higher in European trading. The sharply rising stock values follow a dramatic late rally in U.S. markets on Wednesday.

Earlier this week, worries about a slowing U.S. economy caused stock prices to plunge around the world. In response, the U.S. Federal Reserve cut a key interest rate sharply by three quarters of one percent to encourage economic expansion.

The Bush administration and U.S. lawmakers are negotiating the details of a plan intended to stimulate the faltering U.S. economy.

Investors were also encouraged by efforts to shore up companies that insure buyers against losses on certain bonds.

And China Thursday reported its economy grew at a blistering 11.4 percent pace in 2007.

Some information for this report was provided by Bloomberg.