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%.
"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.
The price of oil jumped 4.5% today. Adami said that the rally isn't short-covering. He said oil will probably go higher, but investors might still see a pullback. Macke said speculators are playing in oil, because there was no supply or demand disruption to justify oil's major move upward.
In the financials, Karen Finerman said there might be a bottom in
shares. She said the company will be able to raise capital if it needs to. She acknowledged that Lehman hasn't been completely forthright about the state of its business, but she predicted the stock would rally if the company raised capital.
Najarian pointed out that Lehman is in a different position from
. He said Lehman has more access to liquidity and can access the