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'Fast Money' Recap: GDP: a Head Fake?

NEW YORK ( TheStreet) -- The markets ended a four-day slide Thursday on a surprising spike in economic growth in the third quarter.

The Dow Jones Industrial Average soared 199. 89, or 2.05%, to 9,962.89, while the S&P 500 added 23.48, or 2.25% to 1,066.11. The Nasdaq rose 37.94, or 1.84%, to 2,097.55.

The Commerce Department reported the economy grew at an annual rate of 3.5% for the quarter, ending four consecutive quarters of declines. That would normally signal the end of the recession, but the lingering question going forward is whether that growth can be sustained without the aid of government stimulus such as the now terminated Cash For Clunkers program.

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 on CNBC's "Fast Money" TV show that he was frankly surprised at the market's reaction because the GDP number is considered a backwards-looking number that doesn't provide any indication of what the growth will be for the fourth quarter.

Steve Grasso said today's rally may have been due in large part to mutual funds capitalizing on an opportunity after four down days to buy stocks in an effort to boost their performance before the end of the month.

Karen Finerman agreed with Seymour's analysis, saying there was already a runup in the market in anticipation of a good GDP number. She said it remains to be seen what the GDP will be going forward.
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