'Fast Money' Recap: Why the Markets Bounced Back

The markets closed on the upside Wednesday after a topsy turvy trading session.

The Dow Jones Industrial Average gained 89.60, or 1.17%, to 7,749.81, while the S&P 500 added 7.63, or 0.95%, to 813.88. The Nasdaq rose 12.43, or 0.82%, to 1,528.95.

Jeff Macke said on CNBC's "Fast Money" TV show that the market displayed signs of stability despite enduring a beating at times.

Pete Najarian said the financials once again were the backbone that lifted the market to the positive side. He said when the Financial SPDR(XLF Quote) is matched up against the S&P 500, it looks like the same chart.

Guy Adami said he still believes the S&P is heading to 900. Meanwhile, Najarian reminded the panel that the volatility index is still trading at levels that could trigger violent moves, up or down.

Dylan Ratigan, the moderator of the show, shifted the discussion to tech, the best performing sector this year. Najarian said he's been impressed with the power of the sector, adding he particularly like the data storage area, including names such as Western Digital(WDC Quote) and Seagate Technology(STX Quote).

Seymour said restocking and China are two themes behind a pickup in demand in semiconductor chips. He said Taiwan Semiconductor(TSM Quote) is bringing workers back to work as demand picks up.

Ratigan brought in Jon Najarian for his thoughts about the level of trading confidence in this market. Najarian said he feels very good about the market. He said he's a fan of Treasury Secretary Timothy Geithner's plan to deal with toxic assets, and he said he's delighted that there may not be a need to relax mark-to-market accounting rules.