'Fast Money' Recap: The Streak Continues

NEW YORK (TheStreet) -- The markets headed higher Thursday for the fifth consecutive day.

The Dow Jones Industrial Average rose 80.26, or 0.84%, to 9627.48, and the S&P 500 added 10.77, or 1.04%, to 1044.14. The Nasdaq was up 23.63, or 1.15%, to 2084.02.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, noted that John Mack is stepping down as CEO of Morgan Stanley(MS Quote) in January. Mack, who will stay on as chairman, will be replaced by Jim Gorman.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Tim Seymour said he doesn't expect a substantial change in strategy with the move, adding it shouldn't affect the stock. Pete Najarian said the move wasn't a surprise, noting Gorman was co-president. Gorman is widely credited with turning around the investment bank's retail brokerage operations.

Commenting on this week's surprising rally, Jon Najarian said the options activity was heavy but noted that Dow is still a long way from the 11400 it was at a year ago. Seymour said people are looking at 1060 as the next level for the S&P, while Zachary Karabell said investment houses are looking at 1100 as the next level.

Karabell said the investment houses are going to have a problem if the 1100 level is reached in mid-October. He said they will have to decide then whether to keep raising the target or pull back.