The U.S. stock market staged a strong rally Thursday after Wednesday's rate cut from the Federal Reserve. The Dow surged 1.5%, the S&P 500 jumped 1.7% and the Nasdaq rocketed up 2.8%.On CNBC's "Fast Money" TV show, the traders discussed a rotation out of commodities and into equities.
Chesapeake CEO: Stock Could DoubleThe traders welcomed Chesapeake Energy ( CHK) CEO Aubrey McClendon to the show to discuss his natural gas company, shares of which he has been aggressively buying himself. McClendon said he believes Chesapeake trades at a discount to its actual value, and that he buys the stock whenever he can get some money together. He said the company's growth rate is very high, but the stock trades at 12 times annualized earnings. He said the stock could double.
3 Stocks I Saw on TV