NEW YORK (TheStreet) -- Stocks finished the day in the red as worries proliferate over Europe's debt crisis.
Dow Jones Industrial Average
lost 376.4 points, or 3.6%, to close at 10,068.01, while the
finished lower by 3.9% to 1,071.59. The
shed 94.6 points, or 4.1% to 2,204.01.
Melissa Lee asked how investors can find a way to protect themselves and profit in the current market turmoil.
"Before you think of profit, you need to think about how to protect yourself," Joe Terranova said.
Jim Cramer How to Buy Dow 9000
To do this,
advises sticking to higher quality, bigger-cap names. Stocks that were overly beaten up are also good options, like
, Pete Najarian said. The stock has moved $26 over the last few weeks and Najarian said he would look at it again if it gets down to $70.
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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While investors have been blaming the euro for the fluctuations in the market, on Thursday the euro was actually up. "It wasn't about the euro or currency, there was more to it than that," Terranova said. The correlation is broken between a rebound in the euro and rebound in capital markets.
contributing editor Gary Kaminsky said the clear message currently is that "buy and hold is dead." Kaminsky is bearish on the market, saying he doesn't expect a rebound anywhere in the near term.
With this bearish mentality, he is looking at stocks like
as defensive names.
Canned goods, like
, is another safe place to be, according to Patty Edwards of Storehouse Partners. "Investors should start nibbling at this as people will continue to buy their products, but they should do so carefully," she said.
Terranova likes names like
Out of the entire oil space, Halliburton stands out. It is the only one not being hurt by the Gulf of Mexico leak and is a name you want to own, Terranova said.
But he would pull the trigger first on
the minute financial regulation passes, as they have already taken a hit.
"Any form of clarity will be a positive," Finerman said. She has her eyes on
, but hasn't pulled the trigger yet.
Commodities have also been a big part of the selloff, and Najarian believes companies like
will present some of the best opportunities when the market turns around, since they have been beaten down at such a rapid pace.
Guest Dan Niles, of Alpha One Capital Partners, advised what stocks investors should steer clear of amid the euro mess.
has said its fastest growing region is Europe,
also has a big European business and
European business is growing faster than the overall company.
"Unless you somehow believe Europe will pull itself out of this mess tomorrow, those stocks will continue to struggle," Niles said.
He also suggests to short semi-conductors who are forecasting growth rates of 50% year-over-year, while their customers are growing just 10% to 20% optimistically. Niles calls out
Research In Motion
is sinking after-market after it said its gross margins presented a problem in its first quarter. This isn't expected to help the tech sector.
In order to feel confident, Kaminsky said he needs to see functional capital markets that can re-price debt at appropriate levels and that companies can access capital at fair prices.
Kaminsky believes the tech sector still has more room to fall.
Guest Carter Worth at Oppenheimer said the market is trading on technicals and acting just like it did in 2004.
Guest Peter Boockvar of Miller Tabak said he expects Germany to pass the euro bailout plan.
If the euro continues to decline, Edwards called out some stocks investors should keep an eye on.
sees about 60% of its revenue coming out of Europe,
has about 40%,
But McDonald's strong presence in Europe may also be positive for the fast-food chain, as consumers trade down to its dollar menu.
Guest Steve Cortes of Veracruz doesn't think the market is on a straight decent into oblivion and since the sentiment is so one-sided, he said investors should try to be contrarian. He recommends buying crude and
-- Written by Jeanine Poggi in New York
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