NEW YORK (
TheStreet) -- The markets rallied Friday on the strength of the financials.
Dow Jones Industrial Average added 55.48, or 0.47%, to 11,787.38, while the
S&P 500 rose 9.48, or 0.74%, to 1,293.24. The
Nasdaq jumped 20.01, or 0.73%, to 2,755.30.
The trading gang on
CNBC's "Fast Money" TV show focused on
(BP - Get Report) big stock swap deal with Russian state-controlled Rosneft that calls for both companies to work together to explore for offshore oil and natural gas.
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Karen Finerman said it was an interesting deal, though she admitted she did not have enough information to evaluate it.
Tim Seymour said it's a good deal for Rosneft because it's getting a big partner while it sets up nicely for BP as it moves eastward in its global expansion for oil opportunities. He said the deal is sure to antagonize the U.S. for security reasons.
Seymour said Rosneft recently picked up three blocks in the Artic Circle that could be "highly valued stakes." He said the stock-swap deal has some significant geopolitical ramifications as Rosneft draws on a former western partner while "playing cards with the Chinese."
Brian Kelly said oil rallied today, adding the spread between Brent Crude and Western Texas Intermediate continues to grow, signifying heavier demand for the type of heavy crude that Russia produces.
Seymour, agreeing with Finerman's assessment, said the market still doesn't know what to make of the deal.
With gold closing at $1,360 an ounce, its lowest level since November, Guy Adami cautioned investors how rapidly gold falls when it declines. He said he had a feel that gold would drop today after it failed to rally on Thursday when the dollar was under pressure. "It's hard to buy it on dips."
Seymour said it isn't a good sign when gold couldn't rally today on reports of inflation in the U.S. He also said it's not for good for gold when the global economy is on solid footing.