The S&P 500 squeezed into positive territory for the first time in 2009 on Monday.
The Dow Jones Industrial Average jumped 214.33, or 2.16%, to 8,426.74, while the S&P 500 rose 29.72, or 3.39%, to 907.24. The Nasdaq was up 44.36, or 2.58%, to 1,763.56.
Guy Adami said on CNBC's "Fast Money" TV show that the action was "great." "We were looking for 900, and we got it," he said.However he said he didn't think the rally could be sustained. "We can't go up 2% everyday," he said. Tim Seymour was excited by the prospects for the commodities, which were fueled by the rally in the construction spending, China's PMI and basic materials. Karen Finerman said it was "curious" that the rally occurred with the VIX quiet at 34.53. Pete Najarian said the rally was all about some short covering and people on the sidelines wanting to get in. He said the rally looks a lot better this time because investors have put some protection in place, reducing the risk of panic. Seymour said he expected other global markets to pile on to the rally on Tuesday. Melissa Lee, the moderator of the show, asked Jeffery Harte, managing director of Sandler O'Neill, to comment on the financials ahead of the stress test results that are scheduled for release on Thursday. Harte said the real key for these banks is whether they can take advantage of the rally to raise the capital they need. "We could have a lot of upside from here if the banks are received well," he said.
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