'Fast Money' Recap: S&P's Old News

NEW YORK (TheStreet) -- The markets rallied Monday amid reports that S&P would review 15 eurozone nations for a downgrade.

The Dow Jones Industrial Average was up 78.41, or 0.65%, to 12,097.83. The S&P 500 rose 12.80, or 1.03%, to 1257.08. The Nasdaq added 28.83, or 1.10%, to 2656.76.

Joe Terranova said on CNBC's "Fast Money" TV show that the S&P rating news is going to make it more difficult for the S&P 500 index to break above its 200-day moving average.

Tim Seymour called S&P's rating move "garbage." He said this was the same rating agency that didn't see any stress in the Germany's economy three weeks ago. He said it also hasn't seen the tightening in yields and austerity plans in Italy and Greece. He wondered why S&P is spreading so much chaos to the markets.

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

Stephen Weiss agreed, saying S&P's decision to put 15 eurozone nations on the negative watchlist show demonstrated how clueless it is.

Scott Nations also said the S&P rating report shows how backward the rating agency is. He said he found it difficult to believe that S&P rates Deutsche Bank (DB) higher than JPMorgan (JPM) and other U.S. banks. He said the options markets have it rated the other way around, with the U.S. banks ahead.

Brian Kelly said the S&P news could turn out to to be positive if it pushes the European leaders to come with an agreement on Friday.

Scott Wapner shifted the discussion to McDonald's (MCD), which rose to an all-time high before turning lower at the end of the session.

Bryan Elliott, an analyst with Raymond James who has an outperform rating on the stock and a price target of $100, said McDonald's is a powerful global brand that still has a long way to go to penetrate emerging markets.

He praised its management for doing an excellent job of growing market share by putting out better prices and marketing them exceptionally well.

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