) -- The markets rallied Friday on the strength of the financials.


Dow Jones Industrial Average

added 55.48, or 0.47%, to 11,787.38, while the

S&P 500

rose 9.48, or 0.74%, to 1,293.24. The


jumped 20.01, or 0.73%, to 2,755.30.

The trading gang on


's "Fast Money" TV show focused on



(BP) - Get Report

big stock swap deal with Russian state-controlled Rosneft that calls for both companies to work together to explore for offshore oil and natural gas.

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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Karen Finerman said it was an interesting deal, though she admitted she did not have enough information to evaluate it.

Tim Seymour said it's a good deal for Rosneft because it's getting a big partner while it sets up nicely for BP as it moves eastward in its global expansion for oil opportunities. He said the deal is sure to antagonize the U.S. for security reasons.

Seymour said Rosneft recently picked up three blocks in the Artic Circle that could be "highly valued stakes." He said the stock-swap deal has some significant geopolitical ramifications as Rosneft draws on a former western partner while "playing cards with the Chinese."

Brian Kelly said oil rallied today, adding the spread between Brent Crude and Western Texas Intermediate continues to grow, signifying heavier demand for the type of heavy crude that Russia produces.

Seymour, agreeing with Finerman's assessment, said the market still doesn't know what to make of the deal.

With gold closing at $1,360 an ounce, its lowest level since November, Guy Adami cautioned investors how rapidly gold falls when it declines. He said he had a feel that gold would drop today after it failed to rally on Thursday when the dollar was under pressure. "It's hard to buy it on dips."

Seymour said it isn't a good sign when gold couldn't rally today on reports of inflation in the U.S. He also said it's not for good for gold when the global economy is on solid footing.

Kelly said $1,300 may the level to jump in. He said India and China remains buyers of gold as a hedge against inflation.

Melissa Lee, the moderator of the show, shifted the attention to

iShares S&P National Muni Bond Fund

(MUB) - Get Report

which fell today as state and local governments resort to tax hikes to deal with massive deficit problems.

Jon Najarian said nowhere was that more evident than with Illinois, which has raised taxes to tackled its $15 billion deficit. He said the move could cause companies headquartered in the state like


(MCD) - Get Report

to consider moving elsewhere.

In the Tweet the Street section, Patty Edwards said there was much discussion about



, which she liked because of its smart management team. She did not think highly of


(CMG) - Get Report

which she believes cannot grow fast enough to justify its P/E.

Commenting on


(JPM) - Get Report

's strong earnings today, Finerman said it was a noisy quarter for the firm. She was glad to see credit card improvement although she wanted to more loan growth and more clarity on how it is going to make for the revenue loss from the Durbin bill, which sets a cap on the interchange fee.

Adami said he continued to like

US Bancorp

(USB) - Get Report

, which he sees going higher. Finerman gave her nod


(C) - Get Report

, now that it has established a floor at $5, and

Bank of America

(BAC) - Get Report


In the trading the globe segment, Seymour touted the industrial and banking sectors in India, in particular

Tata Motors

(TTM) - Get Report



(IBN) - Get Report



(HDB) - Get Report


In the final trades, Seymour liked two Russian stocks:

Mobile Telesystems

(MBT) - Get Report




. Adami said he was sticking with

Home Depot

(HD) - Get Report

, while Finerman said she liked


(C) - Get Report

. Kelly said he liked

Freeport McMoRan

(FCX) - Get Report


--Written by David Tong in San Francisco.

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