Stocks rallied again on Wednesday as Wall Street digested the latest appointments by President-elect Barack Obama to his economic team and the steps taken by the

Federal Reserve

and Treasury secretary to steady the credit markets and economy.

The

Dow Jones Industrial Average

rose for the fourth consecutive day as it closed up 247.14, or 2.91%, to 8726.61. The

S&P 500

rose 30.29, or 3.53%, to 887.68 and the

Nasdaq

jumped 67.37, or 4.6%, to 1532.10.

Dylan Ratigan asked the trading panel for their observations on what he called the "best four days since 1932."

Joe Terranova said he's seen a significant shift in the market since the

Fed

came through with a bailout to "buy private-sector assets and distribute the cash to where it's needed the most: the consumer and the economy."

Karen Finerman wasn't comfortable with the rally because she believes there are still a lot of "bad things" that have happened, including the collapse of

Citigroup

(C) - Get Report

, the stimulus actions around the globe and China slashing its rates on Wednesday.

Moreover, she sees a lot of job loss coming that has not been reflected in the market and more bad news to come in durable goods orders.

Adami applauded Obama's appointments of Timothy Geithner and Paul Volcker, saying they were "hugely" important because it means the president-elect is going with fiscal conservatives. "The market likes that," he said.

Adami said the market may go up 1,000 points. "Is that a bull market? No," he said, adding it's probably more of a signal of a trader's market.

Terranova agreed but warned that bear markets rallies are "always violent." However, he said the market momentum is "clearly moving higher."

Jeff Macke was skeptical of the movement of the rise of some stocks. He predicted the federal government will wind up dumping money at the problems of

General Motors

TheStreet Recommends

(GM) - Get Report

. "That's not a reason to be bullish about GM," he said.

Black Friday

Ratigan asked Finerman to comment on what he called the "anemic" retail outlook going into the start of what is traditionally the holiday shopping season.

Finerman talked about the disconnect she's seeing in

Macy's

(M) - Get Report

between the stock and its debt situation.

She noted the stock, which has traded around $5, has a market value of about $3 billion or so while carrying some debt with a yield of more than 18%. "Either the equity is too expensive or the debt is too cheap, or a little bit of both," she said.

The Home Stretch

The panel was split on whether the market was going to be higher a month from now. Jon Najarian said he sees the Dow in the 8,000-to-1000 range for the rest of the year.

He said he would be trading in this range, adding he liked

Ryland Group

(RYL)

and

Centex

(CTX)

. He also sees trading opportunities in gold and silver mining stocks.

In another hopeful sign, Najarian sees the volatility index heading down to the mid- to high 40's.

High Hopes for Apple

Gene Munster, an analyst for Piper Jaffray, believes there is room for

Apple

to trade higher. That's good news to investors who has seen the share price off 52% so far this year.

Munster said it will definitely be a "shot in the arm" if Apple can hit the high side of its guidance for the quarter.

He said the iPhone will definitely be the growth driver for the company next year. He said investors should look for new iPhones in the next iPhone trade show and told the panel not to underestimate the international rollout of the smartphone.

This article was written by a staff member of TheStreet.com.