The New York Stock Exchange is seen in the background of this Wall Street sign

U.S. and European share prices have recovered a day after they plunged because of concerns about the economy.

U.S. stock indexes are up in Wednesday's trading, while European markets are mixed.

Asian markets took a nosedive Wednesday following Tuesday's steep decline in U.S. and European share prices.

Hong Kong's Hang Seng index fell more than 1,300 points, more than five percent, in a holiday-shortened trading day. Tokyo's Nikkei index was off 646 points - nearly five percent.

Markets in China, Taiwan, South Korea, and New Zealand were closed for a holiday.

Analysts say many investors fear the U.S. economy is close to a recession if not already in one.

Some information for this report was provided by Bloomberg and Reuters.