In afternoon trading, the Euro Stoxx 50 index, a gauge of blue-chip shares in the euro zone, rose 2.9 percent. In London, the FTSE 100 rose 2.3 percent.

On Wall Street, all three major market indexes opened slightly lower, with the Standard Poor’s 500-stock index off 0.5 percent.

On Tuesday, the SP 500 closed 2.3 percent higher, as a massive rally in the final hour of trading led stocks out of the deep losses where they had spent most of the day.

The bounce was attributed by some traders to reports that finance ministers from the 17 European Union nations that use the euro were considering taking more aggressive action to bolster the region’s ailing banks.

Nevertheless, traders remained cautious Wednesday. In addition to confusion over the latest rescue plan for Greece and signs that a double-dip recession is imminent, problems in the banking system, which could require more taxpayer aid, threatened to further undermine government finances.

“All but the strongest euro-area sovereigns are likely to face sustained negative pressure on their ratings,” Moody’s Investors Service said on Wednesday, a day after it followed Standard Poor’s in cutting Italy’s credit rating, citing the country’s debt burden and paltry economic growth.

“Moody’s expects fewer countries below Aaa to retain high ratings,” the agency said, adding that “there are no immediate pressures that could cause downgrades for Aaa-rated countries.”

The momentum from Wall Street did not carry over into Asian markets, where most of the major indexes fell. The Nikkei 225 stock average in Tokyo fell 0.9 percent, the Hang Seng in Hong Kong fell 3.4 percent. But the SP/ASX 200 index in Sydney gained 1.4 percent.

The dollar was relatively stable, with the euro trading at $1.33.

American oil futures for November delivery rose 3 percent to $77.94 a barrel. Comex gold futures rose 0.6 percent to $1,625.90.

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