'Fast Money' Recap: Adding Abbott

NEW YORK (TheStreet) -- The markets finished Monday in the green, spurred by news of massive mergers and acquisition activity.

The Dow Jones Industrial Average climbed 1.28% to 9,789.36, while the S&P 500 jumped 1.8% to 1,062.98. The Nasdaq increased 1.9% to 2,130.74.

Abbott Laboratories (ABT) purchased Solvay, and Guy Adami said on CNBC's "Fast Money" TV show that this is a stock you have to own in your portfolio. He sees it going north of $50.

While the day's rally was widespread, you may not want to place too much emphasis on the "Merger Monday" phenomenon. Steve Grasso said he doesn't know how much of the boost was from M&A activity or from the countdown until the end of the quarter. "I don't see October being a huge month for traders to step off the sideline. ... November and December will be big up days for the market," he said.

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

The market has also been trading on very low volumes. "When volume doesn't follow trend you, need to be a little careful," said guest Dennis Gartman of The Gartman Letters.

There are several key data points coming out this week, like unemployment and Case-Shiller index of home prices, that will drive market decisions.

Gartman said he is most concerned about non-farm payrolls data and this week's unemployment number.