NEW YORK (
) -- The markets closed the week on a positive note on rising consumer sentiment about the economy.
Dow Jones Industrial Average
rose 40.26, or 0.35%, to 11, 410.32 while the
added 7.40, or 0.60%, to 1,240.40. The
gained 20.87, or 0.80%, to 2,637.54.
Jon Najarian said on
's "Fast Money" TV show that the financials reacted strongly today and helped the S&P blow through the 1,228 level.
Brian Kelly said he bought gold today because he sees inflation in China heading north of 5%. China comes out with its CPI report on Saturday.
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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Joe Terranova said the market is making a transition from 2010 to 2011, and China is not apart of the story. He said the countries to watch will be the U.S. and Japan, which will be doing a lot of catching up. He said the banks will play a big role in that and wouldn't be surprised if
rises above $5.
Melissa Lee, the moderator of the show, said it was a big week for the financials. Finerman said she thought the bank stocks had been oversold. In addition to maintaining healthy balance sheets and originating loans, banks should be providing dividends to shareholders and doing buybacks, she said.
Najarian agreed, citing the uptick in
after it announced a dividend increase.
Kelly said the unemployment rate would have to come down before there is loan growth. Terranova believes there will be a pickup in loan growth, but Patty Edwards said she is still skittish about the banks because they have so many other things to deal with, including problem re-fi loans.
Moving to the gold and silver trade, Kelly said he bought some gold today because of the tremendous investment demand for it in China. He said the other driver is the shortage of gold versus global demand.
With copper hitting a 31-month high, Terranova remained in the trade, saying copper and oil will be the trades for 2011 instead of gold.
The panel delved into some M&A chatter, in particular
Community Health System
's bid for
. Edwards, who owns CYH, didn't understand what was behind today's surge in the stock but was glad she stayed in stock.
Finerman said she listened in on Community Health System's conference call and liked what she heard on the potential synergies of the merger. She bought some May 6 calls in Tenet.
rose 4% on takeover rumors. Kelly noted strong options and price action in the stock.
In the trading the globe segment, David Reidel, of Reidel Research, said there's about an 80% chance for China to raise rates to control inflation. He believes it will rise 50 basis points.
He said he would short the
and long industrial names, durable good names and Hong Kong property names.
In the final trades, Terranova liked
. Kelly liked
. Finerman liked
( DAI). And Najarian liked
--Written by David Tong in San Francisco.
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