'Fast Money' Recap: Is the Economy Turning?

NEW YORK (TheStreet) -- The markets soared Friday on the strength of a surprising jobless report.

The Dow Jones Industrial Average jumped 114.81, or 1.23%, to 9370.07, and the S&P 500 added 13.40, or 1.34%, to 1010.48. The Nasdaq rose 27.09, or 1.37%, to 2000.25.

The markets were propelled by an encouraging jobs report that saw unemployment dip to 9.4% in July from 9.5% in June. The loss of 247,000 jobs was less than expected.

Tim Seymour said on CNBC's "Fast Money" TV show that it was the "long guys" that had the fun today and not the hedge funds, who played it too cute. "A lot of guys thought we had come too far and people saw the resistance in the S&P at 1006 and 1014," he said.

For a breakout of stocks from a recent "Fast Money" show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Joe Terranova said the key point in the jobless report was the improvement in manufacturing, a sign that there could be postponements of layoffs.

Pete Najarian repeated a refrain he has made this week, namely that the heavy purchase of put protection has allowed investors to stay in the game, sending the markets higher.

Steve Grasso said mutual funds entered the picture today, picking spots and putting a "pseudo" floor on the markets.

Terranova noted the rally in the dollar is signaling that the U.S. economy is coming out of the recession ahead of other countries in the world. Seymour disagreed, saying the dollar rally was more a result of a dollar short, with "people rushing back to get in."