The markets finished on upside Wednesday aided by a boost from consumer stocks. The Dow Jones Industrial Average rose 47.55, or 0.61%, to 7,837.11, while the S&P 500 added 9.61, or 1.18%, to 825.16. The Nasdaq jumped 29.05, or 1.86%, to 1,590.66.
Tim Seymour said on CNBC's "Fast Money" TV show that the market traded great with 815 being a "very good support level." He said the Fed expressed concerns about a difficult economy in the second half, but that sentiment didn't come as a surprise. Jeff Macke was pleasantly surprised by the buying of consumer names despite retail news that wasn't that strong. Zachary Karabell said the first-quarter numbers for consumer spending did not fall off the cliff to the degree that was expected. Jon Najarian said the anticipation for bad news has gotten a little lower, making for a "better outlook going ahead." Melissa Lee, the moderator of the show, noted the volatility index broke below 40 to settle at 39, a sign perhaps of market stability. So, is there a recovery in the cards for retail stocks? Charles Grom, a retail analyst for JP Morgan, thinks so. After five head fakes in the past 14 months, he believes the latest move is signaling that retail stocks could be going higher. "The consumer seems to be stabilizing," he said. He said the home category is starting to rebound as evidence in the bounce today from Bed, Bath & Beyond ( BBBY). He agreed with Macke that Family Dollar ( FDO) has done well, up 6.4% today and 33% for the year.