'Fast Money' Recap: 10,000 Looks Shaky

NEW YORK (TheStreet) -- The Dow Jones Industrial Average slipped back above 10,000 Thursday as Congress moved to extend a homebuyers tax credit.

The Dow jumped 203.82, or 2.08% to 10,0005.96, while the S&P 500 added 20.3, or 1.92%, to 1,066.63. The Nasdaq rose 49.80, or 2.42%, to 2,105.32.

Steve Grasso said on CNBC's "Fast Money TV" show that he would be leary about trading tomorrow on the basis of the Dow hitting the 10,000 mark. He said he feels uneasy about the Dow at this level with an economy facing a 10% jobless rate.

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

Guy Adami said he was surprised by the rally, adding the 10,000 figure was meaningless. Joe Terranova said the chase for performance by money managers leads him to believe that the S&P is heading to 1,100.

Meanwhile Pete Najarian said he expects volatility to decline over the weekend after the release of the jobless report comes out on Friday.

Grasso said he was worried about the light volume. He said the bears have a lot more conviction on the sell side, while the bulls are buying reluctantly.

Louise Yamada, of Louise Yamada Technical Research Advisors, said she expects more downside, although there may be periodic rallies between now and the end of the year. She said the spotty action will mean some stocks will do well and while others won't.