NEW YORK ( TheStreet) -- The markets rose Tuesday in the wake of the Fed's decision to maintain the status quo.

The Dow Jones Industrial Average rose 47.98, or 0.42%, to 11, 476.54 while the S&P 500 added 1.13, or 0.09%, to 1,241.59. The Nasdaq was up 2.81, or 0.11%, to 2,627.72.

The trading panel on CNBC's "Fast Money" TV show took up the question of Fed's quantitative easing policy and whether it's working in the wake of the FOMC's statement today that the Fed would continue its bond-buying program.

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

Joe Terranova said QE2 has worked. He said the runup in bond rates has forced people into equities. He said the shift into riskier assets and the increase in net worth has been a positive for economy.

Melissa Lee, the moderator of the show, wondered whether the prospects of a 5% interest rate on 30-year mortgages might be bad for the housing market.

Tim Seymour rattled off a number of positive signs for the economy, including 16 consecutive months of industrial growth, consumer confidence at a five-month high and an improving jobless claims trend.

Guy Adami agreed with the other panelists that the higher rates have benefited a rising stock market. He said the Fed would have to "thread the needle" to get the the employment situation to improve.

Brian Kelly said the combination of the wealth effect created from a rising stock combined with historically low rates will help boost the housing market.

Barry Ritholtz, CEO of Fusion IQ, said QE2 is not helping those don't have the income and credit scores to buy homes. Rather, he said the rising stock market is helping the affluent who are spending anyway. "It's a mediocre recovery."

Stephen Weiss, though, said economic data looks uniformly better with business confidence up. He said he favors a slow recovery because it will keep rates down.

Lee said Best Buy ( BBY) was a major disappointment today, down 14.7% on a sales miss and a forecast cut.

Adami said it will be hard for the retailer to recover as it loses market share to oneline sites and discounters. But Seymour said Best Buy is not going way and to wait until the end of the holiday shopping season to gauge the company.

Terranova said it's difficult to stick with a company in which inventory rose 12% versus a sales growth of 1.1%. He said Best Buy's disappointing performance might be a sign of reality setting for a holiday retail season that had gotten off to a strong start.

Is Obama's health care law dead on arrival? Sarah James, an analyst for Wedbush Securities, said that the situation won't be clear until 2012 and that a multistep process needs to be followed. She said it's not "a given" that the U.S. Supreme Court will get involved.

She said the individual mandate portion of the law doesn't go into effect until 2014. Her picks in this space: Centene ( CNC) and Molina Healthcare ( MOH).

Commenting on the casino trade, Seymour said the growth story remains in Macau, and he liked Melco Crown Entertainment ( MPEL) and MGM Resorts ( MGM).

Lee asked Ritholtz for his picks for 2011. He liked Citigroup ( C - Get Report), which, he said, seems to be getting out of government involvement and is moving in the right direction. He said he would be a buyer at $4.60 and seller above $5.

He also liked Arch Coal ( ACI). He said the stock has finally gotten over the $30 range, is relatively cheap and has nice cash flow.His third pick was Suncor Energy ( SU), which he didn't have time to get into.

Will the tech stars in 2011 repeat what they did in 2010? Citigroup tech analyst Mark Mahaney said it will be difficult for Netflix ( NFLX) and Akamai ( AKAM) to repeat. Both have high PEs, with Netflix facing streaming video subscription competition and Akami having lost a contract with Netflix.

He said his "champion" pick -- OpenTable ( OPEN) -- did well in 2010 and will do well in 2011. Although it has a high PE, OpenTable has plenty of room to grow market share over the next three to five years and good prospects for overseas growth, he said.

Lee brought in Jim Bernhard, CEO for Shaw Group ( SHAW) to talk about the prospects of nuclear power. He said his company has eight contracts for nuclear plants in the U.S. and six in China.

He said the chief opponent to nuclear power is natural gas and gas-fired plants. But he said continuing increase in electricity per capita around the globe augurs well for nuclear power.

For his 2011 picks, Seymour kicked it off with airlines in emerging markets which he says don't face many of the costs of U.S. airlines. He liked Gol Linhas Aereas Inteligentes S.A. ( GOL) in Mexico and Copa Holdings ( CPA - Get Report) in the Caribbean, and Tam ( TAM) in Brazil.

Seymour also liked the fertilizer space, where farmers are getting incentives to more crops, and stocks like Mosaic ( MOS - Get Report) and Potash ( POT).

Finally, he liked the prospects of emerging markets. His pick here : iShares MSCI Emerging Markets ETF ( EEM - Get Report).

In the final trades, Adami liked Cablevision ( CVC). Seymour liked Petrobras ( PBR), while Kelly liked Wal-Mart ( WMT). Terranova advise those long JM Smucker ( SJM) to buy puts.

--Written by David Tong in San Francisco.

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