'Fast Money' Recap: A Bullish Surprise

Seymour attributed the uptick to the growing belief that technology will play a big role in President-elect Barack Obama's grand infrastructure plans.

Ratigan brought in John Lonski, chief economist of Moody's Investors Service, to explain why General Motors(GM Quote) going into Chapter 11 bankruptcy would have a domino effect on the rest of the economy.

Lonski said bankruptcy would "make this recession a heck of a lot worse" and lead to higher jobless numbers. He said he feared the move would also lead to a replay of what happened in the financial markets.

Mike Darda, chief economist of MKM Partners, appeared on the show to talk about what to expect next week: the last trading week of the year.

Darda said not to expect too much from next week's Federal Reserve meeting. He expects the Fed to take the target rate from 1% to 25 basis points, but he said that isn't likely to matter much because the federal funds rate is already at about 13 basis points.

"The Fed has already switched from targeting interest rates to pushing a lot of reserves into the banking system," he said.

He said his real concern remains the recovery of economy, specifically when it's going to happen and how strong it will be. He said the improvements in the credit markets have been uneven, noting in particular little improvement in the high-yield market.

Ratigan shifted the discussion to the commercial real estate markets and asked Louis Taylor, senior REIT analyst for Deutsche Bank, for his comments. Taylor said he expects a lot more volatility between now and the end of the year.