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'Fast Money' Recap: Tech Soars

NEW YORK ( TheStreet) -- The markets rose again Thursday with a strong push from tech stocks.

The Dow Jones Industrial Average tacked on 93.47, or 0.74%, to 12,719.49. The S&P 500 rose 14, or 1.05%, to 1353.22. The Nasdaq was 38.64, or 1.36%, to 2872.66.

Jon Najarian said on CNBC's "Fast Money" TV show that the tech rally has been impressive. He said 100,000 call options were traded in Apple (AAPL - Get Report) in just the first half hour of trading. He said the rally was broad- based.

Tim Seymour said tech has had an extraordinary run, with the Nasdaq reaching its highest level in more than 10 years. He said the panel had been extolling the likes of Microsoft (MSFT - Get Report), Cisco (CSCO - Get Report) and Intel (INTC - Get Report) for months.

Karen Finerman said the tech rally didn't surprise her. What did surprise her was that tech stocks "traded as low as they did for as long as they did." She said they are now returning to being undervalued after being extremely undervalued.

Joe Terranova said portfolio managers are moving quickly to pick up Microsoft shares. "It's time to own Microsoft and add to that position." Najarian said he would rather be in Akamai (AKAM - Get Report) than Microsoft, which he doesn't consider to be an outperformer.

Terranova said a great play in the cloud space is the First Trust ISE Cloud Computing Index ETF (SKYY) that has just been launched. He said the fund includes a lot of potential M&A targets in the space.

The panel was abuzz over today's rise in in Apple after an analyst with Ticonderoga Securities posted a $612 price target for the stock. Terranova said there's been a lot of chatter that China Mobile (CHL) may be coming out with its iPhone. The talk has been fueled by a photo of Apple executive Tim Cook coming out of a China Mobile office and a photo of an iPhone with a China Mobile logo on it.

The panel said there are plenty of drivers to move Apple's stock higher. Najarian pointed out that 15 billion apps have been sold by Apple, while Finerman listed several other drivers, including iCloud, iPad growth, iPhone 5 and Apple TV.
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