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TheStreet Open House

'Fast Money' Recap: S&P, Jobs Report Were Higher Than Expected

NEW YORK (TheStreet) -- The S&P 500 closed higher and the November nonfarm payrolls report came in stronger than expected. 

Guy Adami, managing director of stockmonster.com, said he was surprised the market didn't fall on the positive news since it now increases the likelihood of tapering from the Federal Reserve. 

Stuart Frankel & Company's Steve Grasso said no one has been selling yet, and the seasonality is probably helping. 

Tim Seymour, managing partner of Triogem Asset Management, said market participants like certainty. Once investors know for sure about tapering, they might even respond favorably to it. 

Dan Nathan, co-founder and editor of riskreversal.com, questioned how long the rally in equities could last. He added that the 10-year Treasury yield could jump to 3.5% when tapering begins, which may weigh on equity prices.

Adami said Apple (AAPL) is finally pulling back and looks likely to retest the $550 level.

Jon Hilsenrath, chief economics correspondent at the Wall Street Journal, was a guest on the show who said November's nonfarm payrolls report increases the odds the Fed could taper its asset purchases in December. He added that the economy is doing much better than just a few months ago and this report confirms it. He concluded that the Fed's 2014 estimates look okay now.

Nathan said he would stick with cyclical stocks such as industrials and avoid staple stocks, which have gotten overvalued. He likes General Motors (GM)

Adami likes Prudential Financial (PRU) and the insurance sector in general.

Seymour said investors could look to emerging markets through the iShares MSCI Mexico Capped ETF (EWW) and iShares MSCI South Korea Capped ETF (EWY), because of the region's industrial output and strengthening currencies. 

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