'Fast Money' Recap: A Bullish Surprise

Wall Street shook off a lot of negative news Friday and ended the week on an up note.

The Dow Jones Industrial Average, after being down more than 200 points early, finished up 64.59, or 0.8%, at 8629.68. The S&P 500 was up 6.15, or 0.7%, to 879.74. And the Nasdaq rose 32.84, or 2.2%, to 1540.72.

Dylan Ratigan, host of CNBC's "Fast Money" TV show said the market shook off news of the Bernard Madoff Ponzi scandal and the travails of the auto industry and came out "a winner."

Karen Finerman said a floor on the market was established after reports came out that the White House was considering coming to the help of the beleaguered automakers, with TARP money.

Pete Najarian was encouraged by the strength of the market, noting the volatility index "wasn't even close to 60" and that "there is less nervousness out there." "People are willing to put their money to work and start buying," he said.

Guy Adami said he thinks the S&P may advance another 100 points next week.

Tim Seymour said he is still seeing a lot of volatility in oil prices. Some of that uneasiness is reflected in speculation about what will happen at an OPEC meeting next week as well as uncertainty about the supply of oil and Equator saying it is defaulting on its debt.

Ratigan asked the trading panel to comment on the strong showing in tech stocks today. Adami attributed it to a weaker dollar that affects the big tech companies because "75% of their sales" are overseas.