'Fast Money' Recap: Behind the Selloff

NEW YORK (TheStreet) -- The market suffered a sharp late day selloff Wednesday despite the Fed's moves to bolster the economy.

The Dow Jones Industrial Average dropped 81.32, or 0.83%, to 9748.55, while the S&P 500 was down 10.79, or 1.01% to 1060.87. The Nasdaq fell 14.88, or 0.69%, to 2131.42.

The Fed's policy-making arm had moved to keep the fed funds rate near zero and extend its $1.25 trillion program to purchase mortgage-backed securities into the first quarter of 2010.

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

Karen Finerman said on CNBC's "Fast Money" TV show that the selloff didn't feel like a panicky move, adding it left the markets where they were on Monday.

Pete Najarian said a downward move by the financials in the last 45 minutes pushed the markets lower.

Joe Terranova said the market was confusing and frustrating for investors, especially after the Fed's bullish move to keep interest rates low.

Tim Seymour said the market's reaction to the Fed's move is that "things are better." He said it's understandable for the S&P to pull back since it is 20% above its 200-day moving average.

With crude oil dropping 3.9% to below $69, Joe Terranova said that money managers are in a quandary on what is the better trade: oil or natural gas. He thinks natural gas is stabilizing and might be the better trade going forward.