NEW YORK (TheStreet) -- Stocks posted solid gains Tuesday with the major indexes hitting two-year highs, buoyed by fresh deal-making activity and strong earnings reports. Concerns about debt problems in Europe also eased after China said it will support efforts to stem the crisis.
All three indexes rose to their highest levels since the days leading up to the collapse of Lehman Brothers in September 2008.
The Dow Jones Industrial Average
rose 55 points, or 0.5%, to close at 11,533. The
gained 8 points, or 0.6%, to close at 1,255, while the
was ahead by 18 points, or 0.7%, to end the day at 2,668.
The S&P has been up 10 of the past 11 days. Tim Seymour said on
"Fast Money" TV show that he believes the S&P could climb above 1,287 by the end of the year.
rose more than 2.6% today as
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 on TV
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Karen Finerman said that she expects the company to release positive earnings in early 2011.
"I wouldn't sell it," Finerman said about JP Morgan. "I think it's going to have a very good year next year"
Cotton and copper closed at record highs today as commodities climbed. Copper was up 2%, and Seymour pointed out
rose 2.42% today to close at $48.16.
Looking at oil and gas companies, Guy Adami mentioned
, which he believes has "a lot of room on the upside and a lot of earning power."
"A lot of things stack up well for a name like Tesoro," Adami said.
CNBC technology correspondent Jon Fortt joined the show after
Wall Street Journal
is working on a version of Windows that runs on ARM chips.
Fortt called the news "a nightmare" for software rival
. He said it will be a couple years out before the product comes to light but it will further intensify the battle within the software and technology sector.
that is believes 2011 will be "the year of the U.S." Looking forward to next year, Miller Tabak's Peter Boockvar says that it is difficult to predict 2011 stock market performance on several unpredictable factors.
He pointed out that a better economy doesn't necessarily equate to a better stock market and that interest rate hikes could potentially slow growth by affecting valuation in the future.
released its earnings report today after market close, posting second-quarter earnings of 94 cents a share, up from 76 cents a share a year ago.
Nike revealed that its Converse division, which it bought for $305 million in 2003, is now a billion dollar business over the past year.
Shares are down 5.30% by $4.89 to $87.41 in after-hours trading on lower-than-expected future orders, which rose 11%.
Lee said Nike's stock price performance over the past few days has been so extraordinary that it isn't surprising that investors are selling on the company's minimal shortfall.
Finerman pointed out
, a commercial vehicle parts maker, which recently upped its earnings outlook to 93 cents a share from 88 cents a share.
Andrew of BMO Capital shared his top currency trade for 2011. He suggested that investors buy Swedish Krona and sell the Canadian dollar.
Guy Adami said investors should keep their eye on cruise line companies, as the middle class will likely be able to afford to take more cruise vacations in 2011.
hit a new 52-week high today of $46.66 while cruise contender
also reached its year-high of $45.26.
Oppenheimer chief market technician Carter Worth joined the show to discuss retail stocks in the midsts of the 2010 holiday shopping season. He pointed out that
Polo Ralph Lauren
have all climbed 50% or more within the past few months, leading the entire market. Worth says this rapid increase indicates that it is time for investors to sell these stocks.
In the final trades, Tim Seymour recommends long
Bank of America
, Guy Adami suggests long
, Brian Kelly likes long
and Karen Finerman suggest long
-- Written by Theresa McCabe in Boston.
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