Stocks in New York logged substantial gains Thursday. The Nasdaq ticked up 1.9%, the S&P 500 added 2% and the Dow jumped 1.7%.
On CNBC's "Fast Money" TV show, the traders observed that the bond insurers suffered a downgrade today but nonetheless went higher. Crude also went up today.
Pete Najarian said today's action was "unbelievable." He said the rally today wasn't like yesterday's rotation into technology. He said he can't explain why every sector participated in the bullish action.
Guy Adami said that in May there was record short interest on the New York Stock Exchange. He said that money is flowing back into commodities and equities. He said that the market feels as though it will go higher.Jeff Macke said people are tired of negative headlines and decided to buy in the face of bad news.
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