'Fast Money' Recap: Oil's Heady Price

Oil rose above $70 a barrel Tuesday on a mixed market session.

The Dow Jones Industrial Average fell 1.43, or 0.02%, to 8,763.06, while the S&P 500 added 3.29, or 0.35%, to 942.43. The Nasdaq rose 17.73, or 0.96%, to 1,860.13.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, asked the panel to comment on the rise of oil and its implications for the economy.

Joe Terranova said the $70 breakthrough is technically important, symbolizing oil's resiliency. He said it's an investment tool you can have confidence in going forward. However, he acknowledged high oil prices could set back hopes for an economic recovery.

Jeff Macke, though, said it shouldn't hurt the economic recovery because the economy has not recovered.

Pete Najarian said today's trading session demonstrated the leadership the commodities are providing the market. He said people are getting comfortable trading with the S&P at 930 and that could lead more people to come in from the sidelines.

Terranova said the shift to commodities is all about asset allocation: people want exposure to commodities because there is a belief that commodity prices will be higher three to six to 18 months from now. He also expected energy names like Exxon Mobil(XOP Quote), which was flat today, to "join the party" as oil rises.

Guy Adami doubted whether the commodities market can lead the equities markets higher. He said the inclusion of the financials is necessary to move the market higher. As evidence, he pointed to today's session, which saw the S&P unchanged, despite the rise in commodities.