NEW YORK ( TheStreet) -- The markets rebounded Thursday on encouraging domestic economic data.

The Dow Jones Industrial Average jumped 161.29, or 1.39%, to 11,744.59. The S&P 500 was up 16.84, or 1.34%, to 1,273.72. The Nasdaq added 19.23, or 0.73%, to 2,636.05.

Karen Finerman said on CNBC's "Fast Money" show that the volatility index came down today, although she thought it should have come down a lot more than it did.

Jon Najarian said investors were scrambling for protection. Joe Terranova said the key today's market action was the lower dollar that energized the commodity space, adding the price action in energy names helped support the market.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Adami stressed the turbulent nature of the market, saying it could turn around Friday. He said the S&P could head back up to 1,300 if it closes below 1,275.

Melissa Lee, the moderator of the show, noted that the Fed could decide as early as Friday to allow banks to rise dividends. Najarian said the options market was already moving on that piece of information, with heavy activity today in the Financial Select Sector SPDR ETF ( XLF), noting it was 16 times the normal volume.

Finerman said she liked JPMorgan ( JPM). Najarian said the dividend decision would also lift Wells Fargo ( WFC) and Bank of America ( BAC).

But Brian Kelly said he would sell on the news, saying the slowing of the economies in China and Japan will impact the U.S. economy.

Shifting to an emergency G-7 finance meeting that was about to convene to consider what to do about the rising strength of the yen. CNBC reporter Steve Liesman said it was unclear what Japan may want.

Andy Busch, of BMO Capital Markets, attributed the strength of the yen to the repatriation of the currency that will boost corporate balance sheets. Najarian said Japan may very well follow the route of quantitative easing to reduce the value of the yen.

Kelly offered several arguments whey he was long the dollar and short the yen, including the point that companies will need dollars to buy goods.

As for a currency trade, Busch said he would sell the euro and buy Swedish kronar.

Crude moved north of $100 a barrel today, prompting Terranova said the trade is all about the declining dollar. Coal was also working today. Adami said Walter Energy ( WLT) still works, along with Peabody Energy ( BTU - Get Report). Najarian added Arch Coal ( ACI) to the mix.

Lee said that the worst performing Japanese stock was Tepco, down 62% since March 11. CNBC business reporter Kate Kelly said that hedge funds were shorting the stock through CDS plays, betting the company may go out of business or default.

Apple ( AAPL - Get Report) rebounded today after a Credit Suisse analyst initiated coverage with a price target of $500.

But Adami stood by his call that Apple appears be headed to $285 on a broken tape, while Terranova said he wasn't touching the stock. Najarian was more optimistic, saying the recent pullback in the stock was just a "bump in the road."

For a technical view of the markets, Oppenheimer chartist Carter Worth reviewed past patterns of pullbacks and concluded the current correction fit that description of a healthy correction. "It's a pause that refreshes."

He predicted the financials will lead the markets higher.

For the hedge fund trade of the week, Anthony Scaramucci chose CVS Caremark ( CVS - Get Report) in a sum-of-the-parts analysis that has him forecasting the stock moving from the current $32 to $33 to $42 to $46 over the next 12 to 18 months.

He said the CVS, the largest purchaser of generic drugs, will benefit from major cost savings.

Shifting to Netflix ( NFLX), Leonard Bracken, a partner with Bracken Capital, defended his short position in the stock that he has held since last fall.

Bracken sees the stock heading to $70 in the next 12 months because of runaway content costs, the magnitude of which investors have not grasped.

He said Netflix has $1.4 billion in off-balance sheet content obligations that he argued would take 80% penetration of the U.S. broadband market to make it back.

Lee brought in Robert Olson, chairman and CEO of Winnebago ( WGO) whose company's shares were down after it reported a revenue miss.

Olson said the prospects of high gasoline prices isn't a problem for his company. He said drivers in Europe are used to pay more than twice as much for fuel. He told it's getting easier to find financing for RVs.

In the final trades, Terranova favored the rails. Adami liked Wabtec ( WAB - Get Report). Finerman liked JP Morgan ( JPM). Najarian liked James River Coal ( JRCC). Kelly liked Valero ( VLO - Get Report)

--Written by David Tong in San Francisco.

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