NEW YORK (
) -- The markets traded just above the flat line Friday as stocks registered a gain for a second week.
Dow Jones Industrial Average
rose 16.47, or 0.16%, to 10,450.64, while the
gained 1.47, or 0.13%, to 1,117.51. The
edged up 2.64, or 0. 11%, to 2,309.80.
Joe Terranova said on
's "Fast Money" TV show that money managers were cognizant of the rise in energy prices and are moving to get into quality integrated names like
(RDS.A - Get Report)
. He also said refiners are "coming around, too."
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Steve Grasso agreed, saying he's seeing a rotation away from the risk trade into integrated names like
(XOM - Get Report)
. "They are going to the larger-cap stocks and waiting this out," he said.
Tim Seymour said momentum is building for the refining stocks, as supply is coming out of the market.
Karen Finerman, in assessing whether or not to be in
, said there are enough uncertainties surrounding the company that she would not be confident in the stock unless she owned puts in it.
Grasso said Finerman's cautious approach made sense as it appears many other oil executives will be testifying before Congress, following Thursday's grilling of
CEO Tony Hayward.
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Shifting to BP's moves to raise capital,
reporter Kate Kelly said that BP's $5 billion bond offering will offer a yield of 8% to 10% and be pitched to such established names as
, once the company's road show begins. She also heard from sources that BP is requesting underwriters to come up with a $5 billion lending facility.
Finerman said the move will be good for BP but does not address, in any way, the liability question.
Patty Edwards said the bond is being priced as like a junk bond, suggesting a downgrade is down the road. She said she was moving to "anything but BP."
Whitney Tilson, managing partner of T-2 Partners, though, said in an email to the panel that he was adding to his long-term position.
Is the market heading higher? Joseph Lavorgna, chief economic for
, sees the S&P heading to 1,375. He said the equities market is very cheap and predicted surprising growth in the second half.