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'Fast Money' Recap: BP Blues

NEW YORK ( TheStreet) -- The markets retreated late in Wednesday's trading session despite reassuring comments from Fed Chairman Ben Bernanke that the economy was moving in the right direction.

The Dow fell 40.73, or 41%, to 9,899.25, while the S&P 500 lost 6.31, or 0.59%, to 1,055.69. The Nasdaq dropped 11.72, or 0.54%, to 2,158.85.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said the market surrendered triple-digit because of weakness in BP (BP - Get Report) and other energy stocks.

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

She then shifted to another story in afterhours involving Goldman Sach's decision to cut its six-month outlook for the euro-U.S. dollar to $1.15. Joe Terranova said Goldman cited the political risk in the euro zone and the absence of any growth going forward.

Guy Adami and Steve Grasso said they believe the euro is heading to parity to the dollar.

Terranova said it was interesting to note that Goldman's top trade is in Russian equities.

Adami said there was every reason to expect the market to rip today, adding the fact that it closed the way it did should be a concern for the bulls.

Terranova said it was telling that the troubles plaguing BP and Anadarko (APC - Get Report) trumped Bernanke's encouraging comments about the economy.

Lee said the big story in afterhours was BP, which was down 16% today and helped drag down the rest of the energy space and entire market. Adami said he detected some "forced selling" in the market and lamented the loss of the energy space and a rollover in the financials and tech sectors. He said 1,040 in the S&P remains his bogey point.

Najarian said BP's situation reminded him of the downfall of Bearns Sterns and Lehman Brothers. He said it appears as if BP is headed toward liquidation as speculation pushes the stock to the downside.

Gary Kaminsky disagreed with the idea of liquidation. He said it was dangerous for investors to buy the stock for the dividend. He also said it is irresponsible for "closet" index value managers to say it was a cheap stock.
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AKAM $50.99 0.00%
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CHK $6.87 0.00%
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Chart of I:DJI
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S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

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