Life in the Nazak Market Site overlooking New York City's Times Square, this is fast money.

I'm Melissa Lear.

Traders on the desk are Pete Nigerian, Tim Seymour, Karen Feiderman, and Guy Dami,

a wild Wednesday on Wall Street.

Stocks tumbling early in the session only to stage

a monster comeback.

We'll find out what drove the big turnaround.

We are also keeping an eye on shares of lift.

It's been a bumpy ride in the after hour session after reporting results.

This conference call is just getting underway.

We've got full team coverage standing by to break down all the big headlines.

But we begin with the market's roller coaster ride, a rate shock slamming socks right at the open at one point the Dow was down

589 points but then came the turnaround

yield started coming off the lows and stock stage their biggest comeback of

the year.

What was behind this, Tim?

I think we just got so oversold, Mel.

If you look at the 10-year, we were actually a 20 years we hadn't been this over-sold in a relative

strength or however you want to measure it but you can

measure it. I mean you can basically see that we went from 204 down to one kind of 61, 159 I think was the low.

On the 30-year bond, we got within a whisper, we might have touched, we were probably

a bit north of the all-time historical low set on July 8th. So when you came in this morning,

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