'Fast Money' Recap: Behind the Four-Day Rally

Stocks rallied again on Wednesday as Wall Street digested the latest appointments by President-elect Barack Obama to his economic team and the steps taken by the Federal Reserve and Treasury secretary to steady the credit markets and economy.

The Dow Jones Industrial Average rose for the fourth consecutive day as it closed up 247.14, or 2.91%, to 8726.61. The S&P 500 rose 30.29, or 3.53%, to 887.68 and the Nasdaq jumped 67.37, or 4.6%, to 1532.10.

Dylan Ratigan asked the trading panel for their observations on what he called the "best four days since 1932."

Joe Terranova said he's seen a significant shift in the market since the Fed came through with a bailout to "buy private-sector assets and distribute the cash to where it's needed the most: the consumer and the economy."

Karen Finerman wasn't comfortable with the rally because she believes there are still a lot of "bad things" that have happened, including the collapse of Citigroup (C Quote), the stimulus actions around the globe and China slashing its rates on Wednesday.

Moreover, she sees a lot of job loss coming that has not been reflected in the market and more bad news to come in durable goods orders.

Adami applauded Obama's appointments of Timothy Geithner and Paul Volcker, saying they were "hugely" important because it means the president-elect is going with fiscal conservatives. "The market likes that," he said.

Adami said the market may go up 1,000 points. "Is that a bull market? No," he said, adding it's probably more of a signal of a trader's market.

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