'Fast Money' Recap: A Relief Rally

NEW YORK (TheStreet) -- The Federal Reserve finally announced that it would begin tapering its asset purchases under quantitative easing. Investors cheered the move as the S&P 500 closed at all-time highs. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner at Triogem Asset Management, said the Fed's decision removes a big headwind for investors and provides a lot of clarity, something market participants love. 

Karen Finerman, president of Metropolitan Capital Advisors, said the Fed has done a great job and the economy has been improving nicely. She added her hope the Fed sees continued economic improvement. 

Dan Nathan, co-founder and editor of riskreversal.com, noted the CBOE Volatility Index (VIX.X) dropped 15% on Wednesday and added that a lot of managers use it as a cheap form of portfolio hedging. 

Guy Adami, managing director of stockmonster.com, said the industrial sector should continue to work and he likes Honeywell International (HON). 

Seymour said emerging markets should do well going into next year. He suggested the Market Vectors Russia ETF (RSX) and the iShares MSCI Brazil Capped ETF (EWZ) for investors who want a "high-octane" trade. 

Finerman said she plans to stick with the financial sector, which should benefit from improving asset and housing prices, along with a better economy. 

Specifically for financials, Adami likes Blackstone (BX), Prudential Financial (PRU), and U.S. Bancorp (USB). 

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