Gold was the only trade showing signs of life in Wednesday's listless market.
The Dow Jones Industrial Average added 3.03, or 0.40%, to 7,555.63, while the S&P 500 lost 0.75, or 0.10%, to 788.42. The Nasdaq dropped 2.69, or 0.18%, to 1,467.97.
Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, said the gold trade is working well despite the fact that it means investors are shorting America.Guy Adami said that everyone is long gold because it's the "only trade right now," and because it reflects the fear and uncertainty in the market. Tim Seymour said it's amazing that SPDR Gold Trust (GLD) has become the seventh largest holder of gold in the world. Pete Najarian said he likes SPDR Gold Trust because it allows investors to have puts and buy protection along the way. Ratigan shifted the discussion to Obama's new housing plan in which the president plans to stem the tide of foreclosures by reducing interest rates, extending the length of mortgages and encouraging loan modifications. Joe Terranova wondered whether the plan will do much to stop the decline in home prices. He said the government might be better served stepping back and letting the market take over. Seymour, though, saw some positives in the plan, which he said will force interest rates down and modify loans so that people can keep their homes. Tech stocks have been a bright spot in the market, but HP (HPQ) may have put a damper on the sector when it missed its revenues in its latest quarterly report and lowered its outlook. The stock was down 4% in after-hours trading.
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