'Fast Money' Recap: S&P Jitters

NEW YORK (TheStreet) -- The markets finished on the upside Thursday with a late rally.

The Dow Jones Industrial Average rose 44.51, or 0.42%, to 10,611.84, while the S&P 500 moved up 4.63, or 0.40%, to 1,150.24. The Nasdaq was up 9.51, or 0.40%, to 2,368.46.

Pete Najarian said on CNBC's "Fast Money" TV show said a lot of the action that propelled the markets higher were the result of short squeezes as evidenced in AIG(AIG) and many retail names.

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

Joe Terranova said it was encouraging to see the S&P move above 1,150 but he said it would be interesting to see which quality names step up to move the market higher.

Steve Grasso agreed, saying names like Burger King (BKC) are starting to move higher.

Karen Finerman attributed the melt-up to the pickup in M&A activity and the resurgence of the financials.

Terranova said next month's jobs report will be key, while Grasso said the move toward closure on such issues as health care reforms and tougher financial regulation will have an important bearing on the markets.

Brian Kelly said he was nervous about the market. He said protection is the "name of the game" now, with a market that has "no volume," "potholes around the world," and "currencies blowing up today." "I wouldn't buy the hype today. If this market has a pullback, that's the time you want to buy."

Najarian disagreed, saying investors have a great opportunity to using cheap put protection to pick up some good stocks.

Dan Clifton, head of policy research for Strategas, said there is still uncertainty in the markets over the fate of Obama's health care reforms, which have run into problems, and a financial regulatory reform proposal in the Senate that looks as if it is going to get watered down.

Grasso said the market is a buy if the S&P stays above 1,125.

Melissa Lee, the moderator of the show, noted that Visa(V) shares are surging. Grasso said he was long on Visa and sees it moving higher. Najarian liked Visa's growth story but was taking some off the table, unless the company uses some of its cash to repurchase shares.