The Dow Jones Industrial Average jumped 155.91, or 1.51%, to 10,583.96, while the S&P 500 added 17.89, or 1.60%, to 1,132.99. The Nasdaq soared 39.27, or 1.73%, to 2,308.42.
Guy Adami said on CNBC’s “Fast Money” TV show that today’s rally was impressive, though he remains skeptical of it.
Tim Seymour said the rally was supported by strong fundamentals, including strong manufacturing data from China and the U.S. Melissa Lee, the moderator of the show, said the rally could be explained in seasonal terms, namely the last few weeks of 2009 and the first few weeks of 2010 historically have seen the markets run higher.
For a breakout of some stocks from a recent “Fast Money” TV show, check out Dan Fitzpatrick’s “3 Stocks I Saw on TV.”
3 Stocks I Saw on TV
Karen Finerman attributed the rally to money coming in from the sidelines on the belief that the economy is improving.
Pete Najarian said the “Mutual-Fund-Monday” effect worked again today, as investors chose the first day of the week to invest heavily in the markets. He said investors are showing much more confidence as evidenced in the volatility index, which hovered around 20.
Adami said names such as Bucyrus(BUCY Quote), up 9% today, and Walter Energy(WLT Quote), up 6.4%, continue to work.
Seymour said the commodity names continue to work because investors are willing to take risks in a low-interest rate environment, where the dollar is weak.
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