NEW YORK (
) -- The markets surged higher Wednesday on a broad rally.
Dow Jones Industrial Average
gained 75.68, or 0.69%, to 11,096.08, and the
added 8.33, or 0.71%, to 1,178.10. The
rose 23.31, or 0.96%, to 2,441.23.
Melissa Lee, the host of
's "Fast Money" TV show, said the market meltup continued with the weak dollar boosting commodity and material-related stocks. She wagered a guess that
earnings on Tuesday had something with today's rally.
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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Brian Kelly said he continues to believe the prospect of negative interest rates was behind the rally. Terranova was suspicious of the rally, adding there was a lot of resistance at 1,180 in the S&P.
Karen Finerman was not impressed with
revenue numbers, which she said were "light."
Pete Najarian said the rail stocks were outstanding in almost every category except housing.
Lee said technology was hot, with the Nasadaq 100 hitting its highest level in a couple of years. She said much of the credit goes to
, which hit an all-time high.
Kelly said the tech rally was more due to Apple than anything else as consumers continue to buy the iPad.
Simon Baker said the continued rise of Apple may lead to a rebalancing of the index as investors seek alternative stocks. He said he liked
as a "cheeky" alternative.
Finerman said Apple continues to do well as it bolsters its distribution channels that includes a behemoth like
Baker said that expansion does raise an interesting question whether the iPad will cannibalize Apple's new operating system. On the other hand, Najarian offered up comments from a Morgan Stanley analyst who said that Mac sales were up 20% to 25% heading into September.
The commodity trade was up with gold setting another record and
up 4%. Terranova said the weak dollar remains the trade, sending oil, copper and soft commodities higher. He also said portfolio managers are behind the eight ball to improve their performance heading to the end of the quarter.
Kelly said he was selling some of his gold stake on the belief that the dollar may head higher as U.S. equities rise.
Lee noted that
had plunged 10% in midday trading on reports that David Einhorn, of Greenlight Capital, was shorting the stock. She said that Einhorn argued in a lengthy statement that St. Joe's real estate are "ghost towns." Lee said the company responded in an email that it has "virtually debt free balance sheet."
In after-hours trading,
was down 9% after it withdrew its 2011 guidance, citing regulatory uncertainty.
senior stocks commentator Herb Greenberg detected a change in the company's business model. Among other things, Apollo is changing the roles of its admissions personnel, eliminating enrollment as a component of compensation and reducing the use of third-party marketers, he said.
For the hedge fund pick of the week, Anthony Scaramucci chose
. He said the company has a durable brand with tremendous earnings power, potential for significant accretive growth and strong performance metrics. He said the company's growth is reminiscent to that of
in the 1990s.
In the Ear to the Wall segment, Kate McShane, a Citi retail analyst, provided some takeover candidates in the retail sector. Her criteria included characteristics such as an undervalued multiple, low debt levels, improved operating margins.
. She said both had double-digit free cash flow yields. She said Foot Locker had low debt levels and a lot of room for improvement in operating margins, while Finish Line had no debt and room for improvement in its operating margins.
sports reporter, said
scored a huge marketing coup when it donated Oakley radar sun glasses to the rescued Chilean miners to protect their eyes after their lengthy underground ordeal.
Lee brought in Steve Sakwa, an analyst with ISI Group who specializes in REITs. He said REITs, who had cut their dividends during the financial crisis, are prepared to accelerate the growth of their dividends next year.
Lee shifted the discussion to
, which reports tomorrow. Finerman said she's still optimistic about the stock, which has had a big run with the bar getting higher. She said she was hoping for a major capital allocation shift such as Google spending some of its cash on a dividend or buyback.
Terranova said investors will be waiting to see what Google has to say about its expense control issue. Baker saw Google as a technical play in which investors want to buy the stock to get in on the tech wave.
In the final trades, Baker liked
. Kelly liked
. Terranova said he again wanted to get his arms around
. Finerman advised buy puts in the S&P. Najarian liked
--Written by David Tong in San Francisco.
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