NEW YORK (
) -- The markets surged Wednesday led by a strong tech rally.
Dow Jones Industrial Average
jumped 148.65, or 1.38%, to 10,896.91, and the
added 15.88, or 1.37%, to 1,171.67. The
rose 49.71, or 2.09%, to 2,425.02.
Guy Adami said on
's "Fast Money" TV show said the trade going forward is in tech, especially
(IBM - Get Report)
, which he said stood for "Investors Buying More." He said the company, whose CEO is projecting $15 in earnings per share in 2015, is doing "everything right."
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Melissa Lee, the moderator of the show, added that Big Blue said it will be making acquisitions over the next five years.
Tim Seymour said IBM and
(CSCO - Get Report)
figure to do well in the next cycle as corporate spending ramps up.
Joe Terranova said that an analysis of Cisco's numbers show that cloud computing, including such names as
, is the wave of the future.
Lee noted a
Wall Street Journal
story that reported that
has agreed to buy
for $65 a share. Gary Kaminsky said that may be a done deal but to watch for any possible move by
in this space.
Jim Goldman, a
reporter, said there could be a bidding war if other suitors step up and challenge the deal. He also said Cisco CEO John Chambers may have sent his company's stock lower in afterhours trading when he issued cautious comments about the economic recovery down the road. However, he said it was "a big quarter" for Cisco.
Brian Kelly expressed doubts whether corporations will spend in an uncertain economic climate that was brought home to investors last week with the plunge in the markets and the $1 trillion bailout in Europe.
Seymour took issue with that argument, drawing a distinction between corporate balance sheets and sovereign balances, and the seemingly irreversible trend toward a need for greater bandwidth in the future.