) -- The bulls made another emphatic statement Wednesday amid further signs of a recovering economy.


Dow Jones Industrial Average

jumped 108.30, or 1.12%, to 9791.71, while the

S&P 500

added 16.31, or 1.53%, to 1068.76. The


rose 30.51, or 1.45%, to 2133.15.

Industrial, resource and financial names led the advance as gold soared to $1018 an ounce on fears of inflation from an economy that is starting to show signs of life.

Guy Adami said on


's "Fast Money" TV show, that the market wants to go higher despite his dire warnings all along of an impending correction. Adami said the after-hours market reaction to


(ORCL) - Get Report

disappointing sales is more reflective of what "is going on in corporate America."

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 onTV

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Tim Seymour said signs of growing industrial production and capacity utilization are giving a lot of ammunition to the bulls, with expectations that the industrial names will beat on the top line for the current earnings cycle.

Joe Terranova said the only thing that matters now for investors is the percent change in the S&P, which is up 18.32% year to date.

Pete Najarian said options activity surged to 22 million contracts, as investors continued to gobble up cheap put protection as they buy stocks.

Shifting to the Oracle earnings report, Adami said the glaring part of the report is that its new software licensing revenue was down even though the company is being run better. Najarian said Oracle was due for a pullback after a 40% move up since March. He said it's time to consider getting into it.

Melissa Lee, the moderator of the show, shifted the discussion to the financials, which had a solid day. Terranova said there was a broad-based rally in the financials. Najarian said one name he liked was

JPMorgan Chase

(JPM) - Get Report

which he said moved to the upside on talk of a beefed-up dividend.

Commodities also continued their run today. Seymour attributed the rally to dollar weakness. He said the oil companies are doing better than the underlying commodities itself. He said the upstream play has been impressive, with


(CVX) - Get Report



(APC) - Get Report

recently announcing new discoveries.

Najarian said the demand for steel is back and said natural resources are replacing the dollar as the currency for investors.

Lee shifted the discussion to gold which surged again today. Terranova predicted 15% to 20% more upside in gold between now and the end of the year. "It easy to stay long in gold," he said.

In a week-long segment on lessons from

Lehman Bros.

Whitney Tilson, manging partner of T2 Partners, said he is trimming long positions on some of the larger banks because of their exposure to the housing industry, which he said will take some time to recover.

He said investors are getting over enthusiastic about housing prices and ignoring the formidable supply of homes and foreclosures that still have to be worked off.

Tilson said he's shorting some of the weaker players among the regional banks such as

Regions Financial

(RF) - Get Report

because of their exposure to commercial real estate. His favorite pick? It's

Berkshire Hathaway



Lee shifted the panel's attention to restaurant stocks and

CKE Restaurants


, which owns the Carl's Jr. and Hardee's fast-food chains. CEO Andrew Puzder said his company doing well against the big Mac with its "Big Carl" and "Big Hardee" burgers.

Puzder said CKE has big plans for China, with plans for 100 restaurants in Beijing and Shanghai in the near term and as many as 1,000 in the long term.

Puzder warned his company's health care costs will rise 100% if Obama's health care reform goes through. He said that increase will take away money the company would have spent on development and job creation.

Lee said underwriting surged in the second quarter to $105 billion. Najarian said that's a lot of money for banks. He cited in particular

Genworth Financial

(GNW) - Get Report

and its successful 48-million share offering at $11.75 a share.

Lee brought in Fred Jheon, managing director of

ETFS Gold Trust

(SGOL) - Get Report

that was recently launched.

Lee tried unsuccessfully to get Jheon to comment on the price distortion gold ETFs may be creating by acquiring such a huge amount of the physical asset. Instead of answering the question, Jheon commented on how well his new fund is doing and how the next breakout point for gold is $1,033. He said gold could move higher if it passes that point. He also defended the liquidity of his firm's new fund, noting investors will be able to get in and out of it easily.

Lee brought in David Rosenberg, chief economist and strategist at Gluskin Sheff, to comment on the direction of the econony. Rosenberg expects a GDP growth rate of 3.5% for the third quarter and then a slowdown for the fourth quarter. He said there's a floor under the economy over the next two quarters but has no clue what will happen in 2010.

He said a lot of growth has been priced into equities, something in the order of 4% real growth. He said that's "too much for the next 12 months."

In a segment on lessons from the fall of Lehman, Jon Najarian maintained his distrust of the regulators and doesn't expect much in the way of regulatory reforms. In the post-Lehman era, he also said investors will be better approaching the markets by asking themselves "how much I can lose?" instead of "how much can I make?"

In the final trades, Seymour was long

Anheuser-Busch InBev

(BUD) - Get Report

, Adami liked


(APA) - Get Report

, Trinova was for


(AMZN) - Get Report

and Najarian was long Oracle.

-- Written by David Tong in San Francisco

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