'Fast Money' Recap: June 24

The markets drew little comfort Wednesday from the fate of Federal Reserve Chairman Ben Bernanke.

The Dow Jones Industrial Average fell 23.05, or 0.28%, to 8,229.86, while the S&P 500 added 5.84, or 0.65%, to 900.94. The Nasdaq rose 27.42, or 1.55%, to 1,792.34.

Joe Terranova said on CNBC's "Fast Money" TV show that the market was upset over the talk of Bernanke in connection with allegations by a congressman of a cover-up in the acquisition of Merrill Lynch by Bank of America (BAC Quote).

Terranova said "you don't change pilots in the middle of an emergency landing."

Guy Adami said he felt scared going into Friday. He said the market had every opportunity to rally based on the Fed's comments, and it didn't.

Jon Najarian, though, said he believes the market will rally as a lot of people will come out and defend Bernanke.

Lee shifted the discussion to Jefferies Group(JEF Quote), which was up 8% after turning in a bullish forecast for second-quarter earnings and revenue.

Adami said Jefferies, which he picked early on, has been doing everything right, including hiring people while others were firing. However, he said the valuation at $20.45 doesn't make sense and investors should take some profits.

Najarian said there was strong options activity in Legg Mason(LM Quote). He said Legg Mason and Jefferies eventually may be take-out candidates.

Lee shifted to the technology stocks, which were led by Oracle (ORCL Quote) up 7% for the day. Terranova liked the company, noting its strong sales and licensing revenue and a $25 price target from Goldman Sachs. The stock closed at $21.26.