The prospects of a second China stimulus helped Wall Street snap a five-day losing streak Wednesday.
The Dow Jones Industrial Average rose 149.82, or 2.23%, to 6,785.84, while the S&P 500 added 16.54, or 2.38, 712.87. The Nasdaq rose 32.73, or 2.48%, to 1,353.75. Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, said the market rally was fueled by talk of the China stimulus, the Obama administration's mortgage subsidy plan and the oversold condition in the markets. Guy Adami wasn't impressed with the rally, calling it a "meaningless day." He said it would have meant something if the S&P closed above the 741-level. Tim Seymour said the China stimulus will mean investment opportunities in industrial metals and certainly in crude oil. As for trading opportunities in China, he mentioned Baidu.com ( BIDU) and Sohu.com ( SOHU). He said the Chinese government has much more power than the Obama administration to stimulate growth, noting it does not have a black hole in his banking sector. Karen Finerman said there is still so much fear and uncertainty in the U.S. market. However, she added that if investors do some digging, they will find "mispriced" stocks. Adami suggested one such stock might be Aecom Technology ( ACM), which had a nice run today after a good showing on a secondary offering. He said the engineering construction company's backlog is up 32% year over year. Ratigan asked Adami to comment on gold, which has drifted downward 10% in the past two weeks and ended today at $906 a troy ounce. Adami said gold is declining after hitting the classic double top and will be testing the $880 to $885 level.