'Fast Money' Recap: Next Week's Outlook

NEW YORK (TheStreet) -- The markets rode an encouraging unemployment report and finished the week on a high note.

The Dow Jones Industrial Average rose 96.66, or 1.03%, to 9441.27, and the S&P 500 added 13.16, or 1.31% to 1016.40. The Nasdaq was up 35.58, or 1.79%, to 2018.78.

Steve Grasso said on CNBC's "Fast Money" TV show that traders started buying stocks once they saw today's jobless number.

Looking ahead to Tuesday, Joe Terranova said that there will be selling pressures if the S&P dips below 991. On the other hand, he said the market could move up once the S&P hits 1027. He said investors also should keep in mind the VIX, which was down substantially today.

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

3 Stocks I Saw on TV

Guy Adami said the jobless situation is much greater than the 9.7 percent posted by the Labor Department. He said it's more like 17%, adding that's not great for consumers, banks, or the market.

Tim Seymour disagreed, arguing a jobless recovery is still a recovery. He said the U.S. economy is recovering along with other economies around the world, and that speaks well for the earning power of companies.

Terranova said it's been a tough week for a market that was clearly on the defensive. "You'll know more next week," he said.

Melissa Lee, the moderator of the show, shifted the discussion to tech stocks, which performed well today. Terranova said tech companies should benefit from the upgrade cycle. Grasso said technology figures to be strong going forward if the economy moves in the direction of a jobless recovery.