'Fast Money' Recap: Buffett's Big Bet

NEW YORK (TheStreet) -- The markets were mixed Tuesday despite Warren Buffett's big railroad bet.

The Dow Jones Industrial Average was up 76.71, or 0.79%, to 9,789.44, while the S&P 500 added 6.70, or 0.65%, to 1,042.88. The Nasdaq rose 4.09, or 0.205%, to 2,049.20.

Karen Finerman said on CNBC's "Fast Money" TV show that the market did get a lift from Buffett's $34 billion deal to buy Burlington Northern Santa Fe (BNI Quote).

Tim Seymour also thought it had a big impact on the market considering all the talk about the government pulling back on the stimulus.

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

Pete Najarian said the deal also makes another Buffett name, Union Pacific (UNP Quote), attractive because of its exposure to coal and the western U.S.

Najarian also noticed that the stocks involving grain, coal and fertilizers also were affected by the deal.

Seymour said he doesn't think there are any other deals in the rail sector because there isn't anyone with the kind of cash that Buffett has to pull it off.

Joe Terranova said that the choice of Burlington Northern made sense because it adds global commerce to his portfolio.

Lee brought in Peter Schiff, president of Euro Pacific Capital, to comment on Buffett's latest acquisition. Schiff said the Burlington deal was essentially a commodity play. He said as oil prices go up, trucking becomes less competitive and railroads become more of a logical choice to move raw materials.