NEW YORK ( TheStreet) -- The markets rallied Tuesday as the eurozone debt situation eased.

The Dow Jones Industrial Average rose 34.43, or 0.30%, to 11,671.88, while the S&P 500 added 4.73, or 0.37%, to 1,274.48. The Nasdaq added 9.03, or 0.33%, to 2,716.83.

The trading panel on CNBC's "Fast Money" TV show turned their attention to an after-hours report that Cliffs Natural Resources ( CLF) was buying Consolidated Thompson Iron Mines Ltd. for $4.9 billion.

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 it was a good deal for Cliffs because it gives it exposure to Canada. Jon Najarian wondered whether the Canadian government would go along with the deal. The company said it expects no antitrust problems with Canada.

Melissa Lee, the moderator of the show, said another aspect of the deal is that Cliffs gets exposure to China, through Consolidated Thompson's strategic alliance with Wuhan Iron and Steel, China's third largest steelmaker.

Tim Seymour said commodity stock valuations overall were getting a little frothy, especially in the coal space. Guy Adami agreed as he pointed out that Walter Energy ( WLT) might be "a little too long in the tooth" after it was up again today after quite a run.

Barry Ritholtz, CEO of Fusion IQ, said investors could still jump into the commodity space by taking small positions. He said investors waiting for a pullback on some persistently overbought commodity stocks might wind up waiting for a long time.

Lee said the euro got a boost today after Japan said it would buy 20% of the European debt issued this month. Andy Busch, a strategist, for BMO Capital Markets, said he wouldn't be surprised if the U.S. followed the lead of Japan and China and buy some European debt. Ritholtz found it incredulous that the U.S. would be bailing out European countries before offering help to financially troubled states like Illinois and California.

Commenting on Verizon's ( VZ) iPhone launch today, Peter Misek, an Jefferies analyst, put a $450 price tag on Apple based on a great iPad update later this year and new cloud-based services. He said Apple will profit from the continued expansion of the smartphone market.

John Hodulik, UBS Investment Research analyst, said Verizon's arrangement with Apple ( AAPL) will pay off from the first day of sales and produce an upside in earnings in 2012. He said he expects Verizon to have the same subsidies arrangement that AT&T ( T) had with Apple's iPhone.

He expects Verizon to sell 13 million iPhones in 2011, 10 million by exisiting customers and the remainder from customers from other carriers, including 2 million from AT&T.

Gary Kaminsky said the iPhone has been great for Apple's stock but has done little for AT&T, which has seen a 20% loss of capital shareholder value. Verizon has been flat since AT&T started offering the iPhone.

Shifting to today's market activity, Adami said he has been impressed with the S&P comebacks, as the index pushes toward 1280. Seymour said the financials, despite their recent run, aren't that expensive. Terranova said the banks will be on solid ground once they get federal approval to offer dividends and do buybacks.

For the hedge fund trade of the week, Anthony Scaramucci picked Unitedhealth Group ( UNH). In addition to being owned by several classic value managers, Unitedhealth trades at a $42 billion market cap and a 9 to 11 times earnings for 2011 and 2012, he said.

He said the company should be profitable in the next two years, adding 20% of its revenue comes from services, which should get a boost from Obama's health care plan. He has a price target of $48 to $50 for the stock, adding there might be some near-term volatility for investors to deal with.

Lee brought in Kevin Starr, a partner in Third Rock Ventures, to talk about biotech's next frontiers. Starr mentioned cancer cures, with Celgene ( CELG) his pick for that space; obesity with Zafgen as his pick; and genetic disorders, with Genzyme ( GENZ) as his choice.

He said some of the best scientific work is being done a privately held company called Agios that has received $130 million from Celgene to come up with products that attempt to halt the sugar-consumption abilities of cancers.

In the final trades, Seymour liked Rio Tinto ( RIO). Adami sees Valero ( VLO) up again on Wednesday. Najarian favored Consol Energy ( CNX).

--Written by David Tong in San Francisco.

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