'Fast Money' Recap: Bernanke Calms Market

The markets bounced back sharply Tuesday after Federal Reserve Chairman Bernanke eased investor fears of bank nationalization.

The Dow Jones Industrial Average jumped 231.54, or 3.3%, to 7,346.32, while the S&P 500 added 29, or 3.9%, to 772.33. The Nasdaq rose 51.26, or 3.7%, to 1,438.98.

Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, said Bernanke used language that backed away from a need to nationalize the banks.

Pete Najarian said it was an impressive rally that extended across all sectors. He also said Bernanke exuded a lot of confidence that "we haven't seen in a long time."

Tim Seymour said there was a lot of skepticism in the rally, with "a ton of short covering." Meanwhile Guy Adami said he believes the markets can go higher if the banks stop going down.

Ratigan shifted the discussion to the trading in the oils and metals. Seymour said trading in gold, silver and platinum is getting crowded as investors shift their attention to crude oil and base metals.

With oil fetching $40 a barrel, he said he likes refiners such as Chevron(CVX Quote), ConocoPhillips(COP Quote) and Exxon Mobil(XOP Quote).

That prompted a skeptical reply from Jeff Macke who didn't believe oil is headed up.

Ratigan briefly asked the panel for their comments on some of the tech names that were rallying today. Najarian said he is high on Yahoo! (YHOO Quote) not because of another round of overtures from Microsoft (MSFT Quote) but because of an impending restructuring plan. "That's the big news," he said.