NEW YORK (
TheStreet) -- The markets started the new year on a strong note on strong U.S. economic data.
Dow Jones Industrial Average jumped 179.82, or 1.47%, to 12,397.38. The
S&P 500 added 19.46, or 1.55%, to 1277.06. The
Nasdaq jumped 43.57, or 1.67%, to 2648.72.
Joe Terranova said on
CNBC's "Fast Money" TV show that he didn't trust today's rally. He said he would need to understand what the upcoming corporate earnings story will be and whether the ECB will be buying soverign debt. He also said it doesn't look good with oil trading at $103 a barrel.
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Tim Seymour was optimistic about today's rally. He liked what he saw globally, with the unemployment rate in Germany the lowest it's been since the reunification, China and India providing the world the growth it needs and the U.S. economy "clicking on all cylinders."
But Seymour said the strength of the dollar could be the "wrecking ball" for risk assets. Still, he was encouraged to see investors putting money to work at the start of the year.
Guy Adami said it was important to see the S&P close above 1265 because it sets the stage for the index to move to 1350. He also noted the strength of
(MCD - Get Report)
, which hit an all-time high before closing lower for the day.
Karen Finerman was skeptical of the rally because nothing fundamentally, including the situation in Europe, had changed.
Mike Khouw observed that there may be rotation going on as money shifts to sectors such as utilities and health care.
Mary Ann Bartels, of Bank of America-Merrill Lynch, said she didn't see much long-term conviction in the rally. She pointed out that the S&P was testing its 200-day moving average for fourth time and testing its 10-month moving average at 1276.
She said the channel for the 10-year Treasury yields is still in the decline while the dollar is breaking to to upside. She said the S&P could still test the October lows of 1100.