The Dow Jones Industrial Average edged past 8,000 Wednesday after a spirited late-hour rally.

The Dow added 109.20, or 1.38%, to 8,029.20, while the S&P 500 was up 10.56, or 1.25%, to 852.06. The Nasdaq rose 1.08, or 0.07%, to 1,626.80.

Jeff Macke commented on CNBC's "Fast Money" TV show on the strength of the financials in that rally, saying "you want to buy them "because the government is on your side."

Pete Najarian said Goldman Sachs ( GS) made an impressive run and dragged along the insurers.

Karen Finerman said the markets turned after American Express ( AXP) came in with charge-offs that were not as bad as the Street had expected.

She said that's good news for JPMorgan Chase and Bank of America ( BAC), which have large credit card portfolios. "If that is a trend that is forming, that is very good news."

Guy Adami said the rally continues because no one really believes it will continue. Najarian said the earnings are starting to provide some clarity, showing where companies are making money and where they aren't.

Melissa Lee, the moderator of the show, asked the panel to comment on the "explosive" run in regional bank shares such as Huntington Bancshares ( HBAN), which soared 18%, and Fifth Third Bancorp ( FITB), which was up 12%.

Adami said the yield curve sets up "fantastically" for these guys. "If they're solvent banks, the next three to five years could be the best years they'll potentially ever have."

Najarian observed a lot of upside call buying on Huntington and Fifth Third. "They don't have the toxic assets that the big banks do," he said.

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