'Fast Money' Recap: A Repeat of 2003

NEW YORK (TheStreet) -- The markets edged higher Wednesday on an uptick in new home sales and lower-than-expected initial jobless claims.

The Dow Jones Industrial Average rose 30.69, or 0.29%, to 10,464.40, while the S&P 500 added 4.98, or 0.45%, to 1,110.63. The Nasdaq gained 6.87, or 0.32%, to 2,176.05.

Joe Terranova said on CNBC's "Fast Money" TV show that 2009 looks like a repeat of 2003 when the market got a lift from a chase for performance at the end of the year. He said he wouldn't lighten up on positions ahead of the next week's jobless report, adding stocks are in a nice position with a weakening dollar.

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

Steve Grasso said the market is heading higher based on today's encouraging new jobless claims report, which saw claims falling below 500,000.

Tim Seymour the market on a light-volume day got a wealth of data this week that reinforced his belief that the economy is recovering.

Terranova said there might be a upside in the fourth-quarter GDP based upon strength in consumer spending, but Guy Adami reminded the panel that the downward revision of the GDP to 2.8% was "not a good thing."

Seymour, though, said there is clear evidence that the consumer is spending more in the past few months.

Rick Santelli, the moderator of the show, said the dollar was in the dumps today as it hit its lowest level since August 2008. Terranova said investors should expect the trend to continue next year. He said the situation is similar to that of 2004, when the dollar staged a brief recovery before slumping at the end of year to the lows of December, 2003.