Skip to main content

NEW YORK (TheStreet) -- Stocks soared on Thursday, with the S&P 500 climbing 1% and the Nasdaq making new all-time highs. 

The Federal Reserve's statement Wednesday basically gave the "all clear" to buy stocks, Guy Adami, managing director of, said on CNBC's "Fast Money" TV show. He pointed out the continued strength in cyber security stocks Palo Alto Networks (PANW) - Get Palo Alto Networks, Inc. Report and Proofpoint (PFPT) - Get Proofpoint, Inc. Report

Despite the big gains so far this year, Steve Grasso, director of institutional sales at Stuart Frankel, said investors should stick with stocks like Palo Alto Networks and FireEye (FEYE) - Get FireEye, Inc. Report. These companies will benefit from increased cyber security spending from corporations and the government. 

Grasso also pointed to the U.S. dollar, saying the greenback needs to go lower in order for the S&P 500 to continue higher. Until the S&P can break out to new highs, he's bearish with the index sitting near multi-month resistance. 

There was also "very, very good" economic data on Thursday, helping drive the market, according to Tim Seymour, managing partner of Triogem Asset Management. He likes railroad stocks CSX Corp. (CSX) - Get CSX Corporation Report and Kansas City Southern (KSU) - Get Kansas City Southern Report. He also likes high quality tech stocks including Intel (INTC) - Get Intel Corporation Report and Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report

Brian Kelly, founder of Brian Kelly Capital, likes Microsoft (MSFT) - Get Microsoft Corporation Report. The company has a nice dividend yield and will do well if the dollar continues lower.

Speaking of the dollar a Greek exit from the EU could cause the dollar to weaken because it will likely drive up the value of the euro, Kelly said. He said this would be bullish for U.S. stocks. 

Scroll to Continue

TheStreet Recommends

Seymour said investors should use the recent strength in the euro to get short the currency. He's buying the ProShares UltraShort Euro ETF (EUO) - Get ProShares UltraShort Euro Report. He's also a buyer of the iShares Currency Hedged MSCI Germany ETF (HEWG) - Get iShares Currency Hedged MSCI Germany ETF Report

Where's Apple (AAPL) - Get Apple Inc. Report? The tech titan seemed to be in the dark for most of the day, posting a gain of just 0.4%. "I don't think anything is wrong with it," Adami said, noting that Apple tends to underperform on days where the broader market posts a large rally. 

He added, "I think you absolutely stay long this name" and look for an eventual move to $155. 

Seymour agreed, adding he is long the stock and likes it for four main reasons: low valuation, growth in China, continued strength in the iPhone refresh cycle and a generous capital return plan. 

The stock is trading well this year, despite the recent sideways action, Grasso said, pointing out that Apple is still up 15% on the year. Google (GOOGL) - Get Alphabet Inc. Class A Report, on the other hand, seems "really troubled" and he recommended investors stick with Apple over the search giant. 

Shares of Apple seems more likely to do better in the second half of the year, Kelly said. But with the stock near $127, "you're safe," he said.

For their final trades, Seymour is buying the HEWG ETF and Grasso said to buy SAP AG (SAP) - Get SAP SE Report. Kelly is a buyer of Trina Solar Limited (TSL) and Adami is buying Oracle (ORCL) - Get Oracle Corporation Report

Follow on Twitter and become a fan on Facebook.