NEW YORK (

TheStreet

) -- The markets rose again Thursday with a strong push from tech stocks.

The Dow Jones Industrial Average

tacked on 93.47, or 0.74%, to 12,719.49. The

S&P 500

rose 14, or 1.05%, to 1353.22. The

Nasdaq

was 38.64, or 1.36%, to 2872.66.

Jon Najarian said on

CNBC

's "Fast Money" TV show that the tech rally has been impressive. He said 100,000 call options were traded in

Apple

(AAPL) - Get Report

in just the first half hour of trading. He said the rally was broad- based.

Tim Seymour said tech has had an extraordinary run, with the Nasdaq reaching its highest level in more than 10 years. He said the panel had been extolling the likes of

Microsoft

(MSFT) - Get Report

,

Cisco

(CSCO) - Get Report

and

Intel

(INTC) - Get Report

for months.

Karen Finerman said the tech rally didn't surprise her. What did surprise her was that tech stocks "traded as low as they did for as long as they did." She said they are now returning to being undervalued after being extremely undervalued.

Joe Terranova said portfolio managers are moving quickly to pick up Microsoft shares. "It's time to own Microsoft and add to that position." Najarian said he would rather be in

Akamai

(AKAM) - Get Report

than Microsoft, which he doesn't consider to be an outperformer.

Terranova said a great play in the cloud space is the

First Trust ISE Cloud Computing Index ETF

(SKYY) - Get Report

that has just been launched. He said the fund includes a lot of potential M&A targets in the space.

The panel was abuzz over today's rise in in Apple after an analyst with Ticonderoga Securities posted a $612 price target for the stock. Terranova said there's been a lot of chatter that

China Mobile

(CHL) - Get Report

may be coming out with its iPhone. The talk has been fueled by a photo of Apple executive Tim Cook coming out of a China Mobile office and a photo of an iPhone with a China Mobile logo on it.

The panel said there are plenty of drivers to move Apple's stock higher. Najarian pointed out that 15 billion apps have been sold by Apple, while Finerman listed several other drivers, including iCloud, iPad growth, iPhone 5 and Apple TV.

Lee brought in Tony Wible, of Janney Capital Markets, who came out with a price target for

Netflix

(NFLX) - Get Report

that is 42% below its current price. Wible said Netflix, which announced plans Wednesday to expand into Latin America, will have a hard time because of low broadband penetration, regional monopolies, lower income subscribers and limited brand recognition.

Najarian said he remained bullish on

IBM

and its services business despite a downgrade by Wells Fargo. Terranova said he would rather put his money in

Google

(GOOG) - Get Report

, which has been on an upswing.

Copper was one of the stars in the commodities markets, up 8% for the week to its highest level since April. Seymour said Chinese demand for copper and supply constraint issues have pushed up copper. His favorite play here was Peru's

Southern Copper

(SCCO) - Get Report

TST Recommends

.

Retail stocks were also a surprise today with strong same-store sales results. Joe Feldman, an analyst with the Telsey Advisory Group, credited better weather and clearance sales as drivers. He said the retail environment looks encouraging as the back-to-school season nears.

He said price increases are starting to coming through, adding it will be interesting to see how retailers manage their inventories. He said that trend is showing up at supermarkets and retail outlets, where fewer apparel units were sold at higher prices.

Lee shifted the panel's attention to the significance to today's ADP report, which noted that private employers added 157,000 to their rolls and helped boost the markets. Najarian said he's heard that the ADP number is probably 50% accurate and that today's report may be setting up for a disappointment Friday when the nonfarm payroll number is released.

Seymour, though, thinks the jobs number will be big, while Finerman said the market has already priced in a strong jobs number. Najarian said a "blowout" number somewhere north of 200,000 would be needed to move the market higher.

Shifting to the low level of market volatility, Tim Freeman, of Elevation, said he believes volatility, which was about 16 today, has bottomed. He said there is much less risk in the market because there is a belief that the central bank in Europe will engage in a process to restructure Greece's debt to avoid a default.

Najarian suggested

ProShares VIX Short-Term Futures ETF

(VIXY) - Get Report

as a way play the volatility trade. He said the fund is weighted one month on the futures and tends to "smooth things out" for those investors who aren't options experts.

Lee noted that 80 stocks made it on S&P's 52-week high list today. Seymour said

Nike

(NKE) - Get Report

was one of them and has still room to go further because it is so far ahead of the competition. Finerman said she preferred

Yum! Brands

(YUM) - Get Report

over

McDonald's

, while Terranova said he sees

FedEx

(FDX) - Get Report

rising above $100.

Commenting briefly on the debt threat to the markets, Greg McBride, an analyst with bankrate.com, said volatility could return to the market in late July if the federal budget debt ceiling issue is not resolved.

In the final trades, Seymour liked the

iShares MSCI All Peru Capped Index ETF

(EPU) - Get Report

. Najarian liked

Apple

(KSU) - Get Report

, while Finerman preferred

Target

(QCOM) - Get Report

. Terranova said he sees

Goldman Sachs

(BRCD)

heading to $145.

--Written by David Tong in San Francisco.

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.

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