NEW YORK (TheStreet) -- U.S. stocks shot higher on Thursday with the S&P 500 climbing 1.1%. However, the CNBC "Fast Money" traders were more focused on the slew of earnings released after the close, starting with Nordstrom (JWN).
The report likely gives retail investors some relief after several poor reports from other companies in the industry, said Karen Finerman, president of Metropolitan Capital Advisors. Nordstrom's results could give support to Macy's (M) and Michael Kors (KORS), which have been "excessively penalized" in recent trading, she added.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, likes Nordstrom following its results. He also likes Ralph Lauren (RL), explaining that both stocks seem poised to do well in the second half of the year.
Retail stocks have been struggling and retail sales for April were poor, but that isn't stopping Brian Kelly, founder of Brian Kelly Capital, from buying Wal-Mart (WMT). The stock has support near current levels and has began some bullish initiatives for its online sales.
El Polo Loco (LOCO) shares fell in after-hours trading despite beating on top and bottom line expectations. While the selloff is "definitely disappointing," Kelly says the stock is a buy despite the company slightly missing comparable-store sales estimates.