'Fast Money' Recap: The Next Leg Up

Stock quotes in this article: JPM , INTC , GS , JEF , BCS , HPQ , HPQ , CSCO , AAPL , BBBY , BY , VAL , IBM  

NEW YORK (TheStreet) -- The Dow Jones Industrial Average surged pass a long-awaited milestone Wednesday when it soared above 10,000.

The Dow jumped 144.80, or 1.47% to 1,015.86 while the S&P 500 added 18.84, or 1.76%, to 1,092.02. The Nasdaq rose 32.34, or 1.51%, to 2,172.23.

It was the first time the Dow has been in five-digit territory for a year. The markets were lifted by impressive earnings from JPMorgan Chase(JPM) and Intel (INTC).

Tim Seymour said on CNBC's "Fast Money" TV show said the rally was fueled by solid retail sales numbers earnings. Guy Adami acknowledged that the "stampede is on" and to "ride the wave."

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

Pete Najarian noted it was an usually busy options day, with 18 million contracts traded. He said the volume in the financials was double the normal flow. Seymour agreed, saying the large volumes indicate that there is more room to go for the rally.

Steve Grasso said investors who have been waiting on the sidelines should be "dipping their toes to get back into the market." He said there is still a lot of unknowns about the market but also plenty of upside.

Najarian said a lot of money managers were caught short, waiting for a bad number for Intel. When that didn't happen, they had to chase the stock, he said.

Grasso said traders who misjudged the market saw "track marks" on their heads. Melissa Lee, the moderator of the show, referred to a chart showing the Dow trading sideways in the past after reaching 10,000, but Grasso disagreed, saying that's not going to happen this time. He said there is another leg to this rally.

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