NEW YORK (TheStreet) -- Stocks soared on Thursday, with the S&P 500 climbing 1% and the Nasdaq making new all-time highs.
The Federal Reserve's statement Wednesday basically gave the "all clear" to buy stocks, Guy Adami, managing director of stockmonster.com, said on CNBC's "Fast Money" TV show. He pointed out the continued strength in cyber security stocks Palo Alto Networks (PANW) and Proofpoint (PFPT).
Despite the big gains so far this year, Steve Grasso, director of institutional sales at Stuart Frankel, said investors should stick with stocks like Palo Alto Networks and FireEye (FEYE). These companies will benefit from increased cyber security spending from corporations and the government.
Grasso also pointed to the U.S. dollar, saying the greenback needs to go lower in order for the S&P 500 to continue higher. Until the S&P can break out to new highs, he's bearish with the index sitting near multi-month resistance.
There was also "very, very good" economic data on Thursday, helping drive the market, according to Tim Seymour, managing partner of Triogem Asset Management. He likes railroad stocks CSX Corp. (CSX) and Kansas City Southern (KSU). He also likes high quality tech stocks including Intel (INTC) and Cisco Systems (CSCO).
Brian Kelly, founder of Brian Kelly Capital, likes Microsoft (MSFT). The company has a nice dividend yield and will do well if the dollar continues lower.