The closed at a record high on Tuesday and briefly traded just 1.3 points away from the 17,000 mark. As traders decide how to position their portfolios in the new quarter amid fresh record highs, the CNBC "Fast Money" crew each offered a stock to buy and a stock to sell at current levels.
Tim Seymour of Triogem Asset Management chose a stock in the financial sector as a name to buy right now. Seymour called Citigroup "the best play out there," and said that "this is a stock where the best news is ahead of it."
As for his "sell" pick, Seymour said that Microsoft is trading at a valuation that's hard to justify "when the company isn't reinventing itself." Microsoft has gained around 12 percent so far in 2014, and is up 22 percent in the past year.
Dan Nathan of RiskReversal.com stuck with the technology theme, and said to buy Cisco, which has lagged other names in the space like Microsoft and Intel.
"I think Cisco, if you want a play for a laggard where you're not going to get killed on the downside, I think that's the one," he said.
For his "sell" pick, Nathan chose the entire utilities sector, which he said could lag if the market continues higher and if traders choose to sell their defensive positions.
Brian Kelly of Brian Kelly Capital picked Comcast as a stock to buy at current levels. Using the same logic as Nathan's trade, Kelly said he was looking at names that have lagged the most recent run. "If the economy is going to get better, which we're starting to see some of those signs, then names like this in the consumer discretionary space could get much more of a pop," he said.
On the opposite side of the coin, Kelly said to sell DuPont, calling it a "broken" stock. DuPont has dropped roughly 5 percent in the past month after lowering its second quarter and full-year earnings guidance.
Lastly, Guy Adami of StockMonster.Com said he would be a buyer of U.S. Steel.
"You buy it ahead of earnings, they priced in a disastrous steel pricing which is not as disastrous as people think," he said.
Adami chose IBM as a stock to sell, saying the company's last four quarters have been "disastrous."
(Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.)
—By CNBC's Michael Newberg