'Fast Money' Recap: Bucking the Jobs Report

After being down for most of the day from a dismal jobs report, Wall Street rallied strong at the close on Friday.

The Dow Jones Industrial Average jumped 259.18, or 3.1%, to 8635.42 and the S&P 500 rose 30.82, or 3.6%, to 876.04. The Nasdaq jumped 63.75, or 4.4%, to 1509.31.

Dylan Ratigan, the host of CNBC's "Fast Money" TV show, called the market's performance for Friday and the week "extraordinary." "The Dow was down 3% before it exploded" despite the "biggest job loss in 34 years."

Ratigan said the market absorbed a week's worth of bad news, including the official declaration of the start of the recession in December 2007, the worst holiday shopping start in 35 years, a record number of home foreclosures, and the Big Three automakers being on the brink of disaster.

The trading panel marveled at the market's resilience in the teeth of the bad news. Pete Najarian led off the commentary, saying it looked to him like "a lot of conditions were oversold." He was especially impressed with the monster week that the REITs had. "That's where people are starting to put their money," he said.

Zachary Karabell said the market is "finally recognizing the news is bad" and "getting over it." He said it will be "interesting to see how the market digests the fact that everything that comes out of the fourth quarter will be atrocious."

Tim Seymour added the most impressive part of the rally was that the bounce occurred just when a negative consumer credit number came out.