'Fast Money' Recap: Does the Jobs Report Matter That Much?

Prospects for a better-than-expected jobs report sent the markets higher Thursday.

The Dow Jones Industrial Average rose 75, or 0.86%, to 8,750.24, while the S&P 500 added 10.70, or 1.5%, to 942.46. The Nasdaq added 24.10, or 1.32%, to 1,850.02.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said the whisper number on Friday's jobs report may not be as bad as expected.

Tim Seymour said the data looks pretty good for a non-farm payroll number that could position the market for a pretty good run.

Joe Terranova, though, said the employment numbers don't really matter. He said the market is resilient enough to ward off bad numbers.

He said the market has catapulted because of money flows and asset allocation. He said the health of the market for the summer will depend on the outcome of next week's 10-year and 30-year Treasury auctions and on the June 23-24 Federal Reserve meeting.

Karen Finerman said she finds next week's auctions to be "very scary for the economy." Seymour, though, said her fears are misplaced. He said the amounts announced for next week's auctions aren't anything new, adding the yields are going up because the labor market isn't as bad as imagined.

Terranova said the Chinese needs to step in buy the long-yield in next week's Treasury auctions. If not, Fed chairman Ben Bernanke might have to step and buy Treasuries.

Seymour said the people you really worry about are the pension funds and people under-invested in Treasuries.