'Fast Money' Recap: A Super Low Mortgage Rate

Wall Street had another rocky trading session on Wednesday but finished up for the second consecutive day.

The markets waded through a mix of bad economic reports, details of the bailout plans of the Big Three automakers and more corporate downsizings.

The Dow Jones Industrial Average rose 172.60 points, or 2.1%, to 8591.68, while the S&P 50 rose 21.93, or 2.6%, to 870.74. The Nasdaq jumped 42.58, or 2.9%, to 1492.38.

Dylan Ratigan led off CNBC's "Fast Money" TV show with a breaking story on how the Treasury Department is considering a plan to halt the housing slide by lowering mortgage interest rates to 41/2%.

The trading panel's comments were mixed. Pete Najarian said the move would have a "huge" impact on homebuilding stocks. "They are recovering after being given up for dead. This is exactly what they need. It will cascade over to the financials," he said.

But Karen Finerman was "uncomfortable" about the potential move: "Every time the government comes up with a plan, there is euphoria, and then after a day or two, the market digests it, and down we go again."

Jeff Macke pooh-poohed the plan. "This is like Argentina," he said. "We change the rules every day." He said it could turn out to be "very expensive" and unproductive because "you can't force people to buy homes."

But Guy Adami said the lower interest rate could be "very meaningful" because it gets to the affordability issue and the fact there are "people on the sidelines waiting to buy homes."