'Fast Money' Recap: A Peek at the Second Quarter

The markets continued to climb Wednesday, picking up where they left off in March.

The Dow Jones Industrial Average was up 152.68, or 2.01%, to 7,761.60, while the S&P 500 added 13.21, or 1.66%, to 811.08. The Nasdaq rose 23.01, or 1.51%, to 1,551.60.

Pete Najarian said on CNBC's "Fast Money" TV show that he was impressed by the surge in the financial stocks after a terrible start to the market. He expressed some concern for the volatility index, which remained above 42.

Jeff Macke said an early tell that the market was heading higher was the ability of J.C. Penney(JCP Quote) to shrug off a downgrade from Moody's and close higher.

Guy Adami, who felt fooled by the S&P the last couple of days, said he was impressed by the ability of index to shrug off bad news and wind up above 800.

Karen Finerman stressed the importance of the mark-to-market accounting issue on Thursday when the Financial Accounting Standards Board is expected to come out with its decision. She said a "ton" of good banks that have not been involved in the subprime mess have been unfairly tarred by the large banks and are looking for some relief on this matter.

Najarian agreed, saying the FASB decision could be a "game changer" if it eases the pressure on banks to market their toxic assets against their capital.

Melissa Lee, the moderator of the show, said that tech was the only sector in the S&P in the past quarter that showed a gain. Adami said he's been impressed with the move by Oracle (ORCL Quote), up again today. He said the company keeps "shrugging stuff off and now there's chatter that they may buy Red Hat(RHT Quote).