NEW YORK (
) -- The markets ended on a positive note as the major market averages reached new highs.
Dow Jones Industrial Average
jumped 69.99, or 0.63%, to 11,204.28, while the
gained 8.61, or 0.71%, to 1,217.28. The
added 11.08, or 0.44%, to 2,530.15.
Gary Kaminsky said on
's "Fast Money" TV show that the market meltup continues with hundreds of companies reporting new highs. He said there's no way "you can have corrections" when there are 400 new highs.
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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Joe Terranova said the hardest trade to is to stick with the rally. He said the market is in a melt-up mode, led by consumer discretionaries.
Anthony Scaramucci noted 234 companies out of the 324 companies that have reported have outperformed the Street's expectations.
Kaminsky said the
's decision to keep interest rates low makes it easier for investors to stay in stocks.
Terranova said the S&P will reach 1,300 only if quality names in the energy, materials and technology sectors show leadership. He said he saw some of that leadership displayed in the
Select Sector: Energy SPDR
Brian Kelly said the 1,230 level in the S&P is very important technically, noting investors might use that level as a "excuse to sell."
Melissa Lee, the moderator of the show, said
now has the second largest market cap, jumping over
Scaramucci said companies that huge start to flat line, but Kaminsky disagreed, arguing Apple is the only company he's seen in a long while that has to ability to grow revenues organically.
Shifting the homebuilders which got a lift in the market today, Kelly said he likes
Armstrong World Industries
as a derivative play.
Grasso said the rise in home construction will benefit building suppliers like
Shifting to topic of ad spending, Kaminsky said newspapers will benefit from the bounce back in ad spending because they enjoy a lot of leverage in local advertising markets.
Kelly said newspapers like the
New York Times
will benefit from the recent Supreme Court decision that allows corporations to make political donations.
, Christopher Whalen, an analyst with Institutional Risk Analytics, felt the investment bank has good odds of prevailing in the SEC civil case, but that it will have a much tougher time winning in the court of public opinion and public policy.
Looking to next week, Kaminsky said there may be some laggards in an otherwise healthy market, while Scaramucci expected companies to continue to outperform.
In a quick 360-degree analysis of
two experts said the company looks strong fundamentally and technically, while a third noted a strong wave of put buying ahead of earnings.
In the final trades, Terranova was short
. Grasso was long
but said to bail once it moves toward $155. Scaramucci was long
and Kaminsky liked
-- Written by David Tong in San Francisco
To watch replays of Cramer's video segments, visit the Mad Money page onCNBC
"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.
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