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.

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