The markets roared higher Wednesday on encouraging signs from several key earnings reports and the economy. The Dow Jones Industrial Average jumped 256.72, or 3.07%, to 8,616.21, while the S&P 500 added 26.84, or 2.96%, to 932.68. The Nasdaq soared 63.17, or 3.51%, to 1,862.90. Tim Seymour said on CNBC's "Fast Money" TV show that the S&P made a strong move from 910 to 930. He said the close was significant, noting there was a lot of performance anxiety in the market as traders who were underweight scrambled to cover their positions. Pete Najarian said volatility exploded today as investors were in panic mode, trying to get into "everything they had missed out on." Joe Terranova said investors were completely caught off guard coming into this week of trading. He said they had failed to account for the 85% of earnings in the next two weeks. Najarian said the market was spurred by the earnings of Goldman Sachs ( GS) and Intel ( INTC). If that spurt is followed up with a strong showing from JPMorgan Chase ( JPM), Google ( GOOG) and IBM ( IBM), "the shorts will be freaked out and then we might see the S&P at 1000 by the end of the week," he said. Seymour said investors should stick with Intel, which was up 7.25 percent today, because it passed a key resistance level, with no signs of slowing down. Shifting to other key tech companies that will report on Thursday, Lee brought in Zach Karabell to talk about IBM. He said Big Blue is trading at a discount because few realize that it's more than just a hardware company. He said the company is more about being in international business services, adding it is helping companies become more efficient and seeking high-margin businesses.
In a nutshell, IBM is more focused today on selling "bundled solutions to everything" than computers, he said. Mark Mahaney, Citi analyst, appeared on the show to talk about Google, which closed at $438.17, up 3.17% for the day. He said Google has been good about cutting back personnel costs and discretionary spending and needs to maintain that discipline in the future. Greg Troccoli, the so-called weather-markets forecaster, said the S&P bounced off a key resistance level at key 874 and is now making a run at 950 and higher, though there could be some drag at 970 and 980. Troccoli said crude has benefited from the bounce in equities. In the troubled homebuilders industry, he liked Pulte Homes ( PHM). Lee brought in John Brock, CEO of Coca-Cola Enterprises ( CCE), which was up 4% today on an upgrade from Credit Suisse. Brock said the company exceeded its own expectations as well as the market's in the first quarter and that trend has continued. He said he sees consumer confidence coming back. There were no final trades. "Check out "'Fast Money' Portfolios of the Week" on Stockpickr every Thursday.