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'Fast Money' Recap: 2011 Picks Galore

Stocks in this article: MPEL C ACI OPEN GOL TAM CPA POT MOS EEM

NEW YORK ( TheStreet) -- The markets rose Tuesday in the wake of the Fed's decision to maintain the status quo.

The Dow Jones Industrial Average rose 47.98, or 0.42%, to 11, 476.54 while the S&P 500 added 1.13, or 0.09%, to 1,241.59. The Nasdaq was up 2.81, or 0.11%, to 2,627.72.

The trading panel on CNBC's "Fast Money" TV show took up the question of Fed's quantitative easing policy and whether it's working in the wake of the FOMC's statement today that the Fed would continue its bond-buying program.

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

Joe Terranova said QE2 has worked. He said the runup in bond rates has forced people into equities. He said the shift into riskier assets and the increase in net worth has been a positive for economy.

Melissa Lee, the moderator of the show, wondered whether the prospects of a 5% interest rate on 30-year mortgages might be bad for the housing market.

Tim Seymour rattled off a number of positive signs for the economy, including 16 consecutive months of industrial growth, consumer confidence at a five-month high and an improving jobless claims trend.

Guy Adami agreed with the other panelists that the higher rates have benefited a rising stock market. He said the Fed would have to "thread the needle" to get the the employment situation to improve.

Brian Kelly said the combination of the wealth effect created from a rising stock combined with historically low rates will help boost the housing market.

Barry Ritholtz, CEO of Fusion IQ, said QE2 is not helping those don't have the income and credit scores to buy homes. Rather, he said the rising stock market is helping the affluent who are spending anyway. "It's a mediocre recovery."

Stephen Weiss, though, said economic data looks uniformly better with business confidence up. He said he favors a slow recovery because it will keep rates down.

Lee said Best Buy (BBY) was a major disappointment today, down 14.7% on a sales miss and a forecast cut.

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