NEW YORK (TheStreet) -- The S&P 500 closed lower by 0.60%, but above session lows after the Federal Reserve came across as a bit more hawkish than the market anticipated.
On CNBC's "Fast Money" TV show, the trading panel was discussing the Fed's decision to possibly end its quantitative easing program by fall of 2014 and begin raising fed funds rate roughly six months later.
Tim Seymour, managing partner of Triogem Asset Management, said the Fed seems to be confusing investors and also seems to be "going with the flow." He added the Fed's comments bode well for industrial and cyclical stocks, specifically FedEx (FDX), Cummins (CMI) and Ryder System (R).
Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said Wednesday's comments from the Fed weren't necessarily bad but did catch investors off-guard.Dan Nathan, co-founder and editor of riskreversal.com, pointed out how quickly bonds and utilities sold off on Wednesday. He said the iShares MSCI Emerging Markets ETF (EEM) will likely make new lows within the month. Guy Adami, managing director of stockmonster.com, pointed out how well financial stocks performed on today's news of higher interest rates. Specifically, he was a buyer of Citigroup (C). Paul Hickey, co-founder of Bespoke Investment Group, said in each of the past 10 years Netflix (NFLX) and Dollar Tree (DLTR) have been positive for the last two weeks of March. GameStop (GME) and Tenet Healthcare (THC) have also performed well during this time period. Of the stocks named by Hickey, Brown said Dollar Tree looks the best mainly due to its low valuation. Guess? (GES) sold off in the after-hours, following its fourth-quarter earnings results. Adami said the stock looks likely to break $27 and decline to $25. Collin Gillis, an analyst at BGC Financial, has a hold rating on Apple (AAPL) with a $550 price target. Regarding smartphones, he said the price gap continues to widen while the functionality gap between the phones continues to narrow. He said Apple should put more focus into services and wearable devices. It is no longer considered a growth stock, he concluded.