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NEW YORK (
TheStreet) -- The markets closed mixed Wednesday as they tried to decipher a dramatic fall in the price of oil.
The Dow Jones Industrial Average dropped 59.67, or 0.49%, to 12,050.00. The
S&P 500 slipped 3.38, or 0.26%, to 1283.76. The
Nasdaq added 17.56, or 0.66%, to 2686.75.
Pete Najarian said on
CNBC's "Fast Money" TV show that the market recovered from an early selloff when tech and commodities started to show some strength.
Tim Seymour said today's breakdown in oil prices was more indicative of people in crowded trades dumping. He said the world needs lower oil prices.
Joe Terranova called the move by the IEA to release 60 million barrels of oil an unconventional tool in the post-QE2 age. He said global policymakers have nothing left to stimulate growth.
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
Seymour said the release of oil will be bullish for growth and it came at a time when bad data was coming out of Europe and China. He said the market thinks the problem is not Greece's debt crisis but a slowdown in global growth.
Najarian said it was opportune time to get into some of the integrated names, which he said are "far too cheap." Seymour said it was good time to buy
Exxon Mobil(XOM - Get Report) on weakness.
Melissa Lee, the moderator of the show, said shifted to tech, which was surprisingly strong today. Najarian said
Apple(AAPL - Get Report) and the
Semiconductors HOLDRs ETF(SMH) helped turned things around after the early selloff. He also said the storage space has been red hot and is starting to showing momentum in the second half.
Karen Finerman marveled at the low valuation of
Google(GOOG - Get Report), which she called "ridiculous" at $479.
Terranova said that a drop in the oil price will benefit Apple, freeing up consumer discretionary income for its products. Finerman disagreed with the correlation.
Oracle(ORCL - Get Report), which reported its earnings today,
CNBC reporter Jon Fortt said the stock was down because of a miss in its hardware sales.