'Fast Money' Recap: Markets Rally on Tech and Bank Stocks

IBM (IBM Quote) and bank stocks propelled the markets higher Wednesday.

The Dow Jones Industrial Average added 279.01, or 3.51%, to 8,228.10, while the S&P500 rose 35.02, or 4.35%, to 840.24. The Nasdaq jumped 66.21, or 4.6%, to 1,507.07.

Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, directed the panel's attention to a 9% surge in the shares of Apple (AAPL Quote) on its impressive earnings report.

Pete Najarian said the sales of Macs in December far exceeded expectations. Jeff Macke said Apple's performance demonstrated once again how the company manages its numbers better than any other company on the Street.

Jim Goldman, a CNBC reporter who was attending Apple's conference call, said the company said Steve Jobs remains the CEO and intends to remain involved in all major strategic areas.

He said COO Tim Cook, who has taken over for Jobs for the next six months, reiterated the depth and breath of talent on Apple's team.

He said the company is sticking with its projection of 30% gross margins for 2009. He also said that Apple's 251 retail outlets sold 515,000 Macs in the last quarter, half of whom were first-time buyers.

Najarian said IBM, another tech bellwether, also put up some solid numbers for the quarter and showed signs of stabilizing its balance sheet.

The other major catalyst in today's rally were bank stocks. Ratigan and the panel attributed the jump in such stocks as Bank of America (BAC Quote) and JP Morgan Chase (JPM Quote) to the testimony of Treasury secretary designate Timothy Geithner and bank insider buying.