'Fast Money' Recap: Syria Back in the Headlines

NEW YORK ( TheStreet) -- The S&P 500 closed at session lows as news out of Syria returned to the headlines.

Guy Adami, managing director of stockmonster.com, said the S&P 500 could work its way down to 1,740 and the selling could continue on Friday. He added that weakness in the financials is concerning.

Brian Kelly, founder of Brian Kelly Capital, said it's worrisome that small-cap stocks have been selling off and noted that the market didn't respond well to favorable Chicago PMI number.

Steve Grasso of Stuart Frankel said Syrian conflict is not factored into the market and could cause a pullback.

Mike Khouw, managing director and primary strategist at DASH Financial, said he doesn't believe equities are in a "bubble."

John Rogers, CEO and chairman of Ariel Investments, was a guest on the show and said equities are fairly valued at the moment but will eventually have more room to go on the upside. He added that interest rates will rise in the longer-term and therefore he would avoid bonds. He likes Blackstone Group ( BX), Janus Capital Group ( JNS) and Lazard ( LAZ).

Grasso said Blackstone is hitting resistance, but overall should be good on the long side.

Adami said Blackstone is compelling because of its valuation and thinks it can go higher.

First Solar ( FSLR) popped higher following its earnings report and Kelly said the stock has more room to go on the upside.

Tesla Motors ( TSLA) is 19% off its highs. Grasso said he does not like the stock right now because of its bleak technicals.

American International Group ( AIG) fell after its earnings report. Karen Finerman, president of Metropolitan Capital Advisors, said the stock is cheap on a price-to-book ratio, but advised investors not to initiate a new position.

She is still short Weight Watchers International ( WTW), but said a positive investors meeting next week could be good for the stock. Adami said it seems likely for shares to head lower in the near term.

Kelly said Newmont Mining ( NEM) and other miners is the best way to play gold because they will benefit from higher gold prices and falling input costs.

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