European stock markets closed sharply lower and suffered a seventh straight decline on Tuesday, after a historic selloff in the U.S. the prior day sparked a global market rout.

The U.S. stock market halted its death spiral to close higher Tuesday after a wild day of trading that saw the Dow ricocheting more than 1,000 points, underscoring a new regime of volatility on Wall Street.

Asian stocks rebounded Wednesday after equities in the U.S. roared back in a late-day rally, as investors returned to buying into weakness. "The only surprise about the current market volatility is that it hasn't happened sooner," said Richard Titherington, chief investment officer for emerging-market stocks in Asia at J.P. Morgan Asset & Wealth Management.