'Fast Money' Recap: Off to a Rousing Start

Wall Street got off to a rousing start in 2009.

The Dow Jones Industrial Average surged Friday 258.30, or 2.9%, to 9035, while the S&P jumped 28.5, or 3.2%, to 931.8. The Nasdaq rose 55.18, or 3.5%, to 1632.21.

Jeff Macke said on CNBC's "Fast Money" TV show that "people were buying on news that 2008 ended."

Joe Terranova said the Dow finally broke out of a range where it was trading sideways for 27 days. He said the critical question now is whether the rally can be sustained above the 9,000-level.

Guy Adami expects the market to go higher the next two weeks because no one had expected it to go higher. He sees the S&P easily going to 1,000, if not 1,100.

Joe Kinahan said the excitement over Obama's inauguration is going to take the markets higher until the spring when things start getting sorted out.

Dylan Ratigan, the show's moderator, asked the trading panel which stocks they would buy under the circumstances. Macke favored the usual suspects, including infrastructure stocks such as US Steel(X Quote). Adami said he liked Bristow Group(BRS Quote).

Ratigan shifted the attention to the big jump in crude oil, up 5.28% for the day and 31% over the past five days. Terranova said the bounce reflects a nice recovery off extreme lows. He still believes it's a broken asset bubble that will allow you to get a bounce on some names.

Macke says he doesn't want to go long on energy stocks because he doesn't believe in the global comeback story.