) -- The markets rebounded Wednesday on better-than-expected job growth in February.


Dow Jones Industrial Average

rose 8.78, or 0.70%, to 12,066.80. The

S&P 500

was up 2.10, or 0.16%, to 1,308.43, while the


gained 10.66, or 0.39%, to 2,748.07.

Joe Terranova said on


's "Fast Money" show that with oil rising above $102, the contagion risk is on. He said the risk was palpable after 65% of Libya's oil production went offline with the departure of foreign workers from its oil fields.

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

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He said the proper play is still to stay with the energy trade but look to Canada and Russia instead of the Middle East.

Tim Seymour countered that the market traded well today because of strong economic data, including a better-than-expected ADP report.

Brian Kelly said the price of crude was rising before the turbulent protests in Libya and attributed it to the growth of global demand.

Terranova said gasoline demand is up 0.7% to 9.16 million barrels a day, the highest level since December.

Drilling stocks were moving higher today on the prospects of more deep-water permits getting approved. Kelly said he's been favoring





(DRYS) - Get Report


Karen Finerman said she liked Canadian Oil Sands because it is insulated from the events in the Middle East and North Africa.

Commenting on the launch of



(AAPL) - Get Report

iPad 2 at a media event in San Francisco, William Power, an analyst with Robert W. Baird, said the new iPad is another strong device but that the most positive element of the show was Steve Jobs' appearance. He said he looked and sounded good.

Power said Apple stock is riding on "terrific" momentum and has an attractive valuation. He said a March 11 shipment date for the new iPad will only boost sales and help the stock.

Looking for other non-Apple trades in the space, Stephen Weiss said he would stay away from the tablet space, which Apple dominates, and focus on chipmakers that will benefit from the second-generation iPad like


(QCOM) - Get Report



(NVDA) - Get Report


Melissa Lee, the moderator of the show, brought in Doug Kass, a RealMoney Silver contributor at

, to comment on reports that



is in discussions to sell its 30% stake in Yahoo! Japan.

Kass said Yahoo! has been exploring tax efficient alternatives to maximize the value of its Japanese holdings for Yahoo! shareholders. He said it's been in discussions with Softbank to find solutions to meet all needs of Yahoo! Japan shareholders.

He said Yahoo!'s core business is improving and its search platform integration with


(MSFT) - Get Report

is going better than expected.

He told the panel that he sees signs of a weaker market: over-optimistic corporate profit estimates and a Farrell sentiment index showing a bearish signal. He said he would play defensive in sectors such as consumer non-durable goods. He said Buffett may be looking at another acquisition target in this space: perhaps

Colgate Palmolive

(CL) - Get Report


In another segment of the "Beat China Playbook," Seymour picked


(CAT) - Get Report

, an industrial mining and equipment company that is performing well globally. He said he loves the company despite its stretched valuation at 23 times earnings. He said China has forced Caterpillar to become a better company.

Shifting to the retail sector and Thursday's chain store sales reports, Citi analyst Deborah Weinswig said she expects a surprise to the upside in the comparable sales reports.

She said shoppers will be seeing new colors and fabrics this spring. She also said the March comp sales report will be negatively affected by Easter, which comes later this year.

Weinswing had high praise for


(M) - Get Report

for the work it's done with new private labels and exclusives. She agreed with Finerman that higher gas prices will impact on retail sales.

In the Tweet the Street segment, Kelly said



has a better chance of unearthing rare earth metals than

Rare Element Resources


. He said Molycorp and Linus Corporation should be getting some results in six to nine months.

Lee alluded to a

Wall Street Journal

report with that Nouriel Roubini's firm had predicted $100 billion of muni bond defaults in five years. Alexandra Lebenthal, CEO of Lebenthal & Co., reiterated her belief that this prediction and other dire forecasts have overstated the case.

Lebenthal said the prediction probably had to the defaults of high-yielding junk muni bonds mentioned at the bottom of the story. She said these are indeed problematic muni bonds but that they are occurring in "smaller areas."

For example, she noted two problematic funds: a $9.5 million bond issued by Borrego Water District in California and a $56.5 million bond issued by the Charitable Leadership Foundation in Albany, N.Y.

Lebenthal said the muni fund outflows have been slowing down and that large states like California and Illinois are doing all they can to pay off their bonds.

In the final trades, Weiss liked


(VZ) - Get Report

. Seymour liked


(TOT) - Get Report

. Kelly said he was going with

iShares Lehman 20-year Treasury Bond Fund

(TLT) - Get Report

. Finerman liked


(TGT) - Get Report

. And Terranova liked


(C) - Get Report


--Written by David Tong in San Francisco.

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