'Fast Money' Recap: Overlooking Bad Data

NEW YORK (TheStreet) -- The rally continued Tuesday as the market hit 11-month highs a year after the fall of Lehman Brothers.

The Dow Jones Industrial Average rose 59.61, or 0.59%, to 9683.41, and the S&P 500 added 3.29, or 0.31%, to 1052.63. The Nasdaq was up 10.86, or 0.52%, to 2102.64.

Tim Seymour said on CNBC's "Fast Money" TV show, that the market's surge was aided by investors who didn't want to miss the rally. He also said the market was boosted by favorable comments by major figures like Fed Chairman Ben Bernanke, who called the end to the recession, and President Obama.

Guy Adami said people are buying stocks and overlooking bad data such as those coming from JPMorgan Chase(JPM Quote), which showed an increase in charge-offs and the first jump in delinquencies since April.

Pete Najarian said it was another huge volume day for options as investors continued to speculate on the upside after buying inexpensive puts for protection.

Melissa Lee, the moderator of the show, said industrial and material names helped lead the market higher, including General Electric(GE Quote), which surged above $16. She said that action would leave one to believe that a global recovery was underway.

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

Adami said he was disturbed that Nucor(NUE Quote) was up 2% for the day despite the fact that the company cuts its guidance.

Najarian said there seems to be some conflicting information from the companies as to whether real demand was returning.