NEW YORK ( TheStreet) -- The markets soared Monday on AT&T's ( T - Get Report) huge deal and signs of progress in Japan's nuclear crisis.

The Dow Jones Industrial Average jumped 178.01, or 1.50%, to 12,036.53. The S&P 500 was up 19.18, or 1.50%, to 1,298.38. The Nasdaq gained 48.42, or 1.83%, to 2,692.09.

Brian Kelly said on CNBC's "Fast Money" show said it was "sheer lunacy" to believe that the global economy after some serious shocks is back to normal and that companies aren't going to take a hit on earnings and yield curves are going to stay where they are.

Tim Seymour had a more favorable view of the markets, saying the markets were taking back what they gave up and that the S&P multiple currently looks cheap.

Steve Cortes said he was encouraged by the price action in Caterpillar ( CAT), which hit a new high, and the huge rebuilding program ahead for Japan. However, he said was worried about the action in copper, which he said should be doing much better.

Stephen Weiss said he was willing to consider copper now that speculative money has moved out of the metal.

Kelly said the demand story is not holding up for copper especially in the residential real estate industry, but Weiss said multi-family housing is picking up and there is evidence of growth in the construction industry.

Seymour said copper remained an interesting play, adding there is strong demand for it in Brazil and Russia where an infrastructure buildout is moving ahead.

Guy Adami said he continued to like silver as a speculative play with his favorite stock Silver Wheaton ( SLW).

Shifting to the big story of the day, AT&T's deal for TMobile USA, Cortes expressed his doubts about the approval of the deal. He said he was buying Sprint ( S - Get Report) because the stock was getting overly punished and because of Sprint's customer ties to the Google phone.

Adami pointed out how Greenhill ( GHL - Get Report) and Evercore Partners ( EVR - Get Report) benefitted from helping push through the deal. Of the two, he liked Evercore more.

Kelly said the deal may force Verizon ( VZ - Get Report) to make a deal, forcing regulators to approve both deals.

Cortes said the telcom deal is bad news for American Tower ( AMT - Get Report), which was down nearly 8%. Adami said there may be an opportunity to get into this stock in the next couple of days if there is a relief rally.

Kelly said Verizon will be a winner either way from the deal, adding it stands to pick up assets that AT&T will probably divest if the deal goes through.

William Power, an analyst with Robert W. Baird & Co., said the deal takes one major competitor out of the market and puts Sprint in a tight spot where it my be forced to make a deal with a competitor. He said the big winners from today's deal were Verizon, Metropcs ( PCS) and Leap Wireless ( LEAP).

He said Research In Motion ( RIMM) faces headwinds from the iPhone and Android players. He said the chances of approval of the AT&T deal are about 50-50, with the chief drawback being the previously stated desire for regulators to have more competition in the wireless market.

He said Leap Wireless and Metropacs have come takeover candidates, though not along the lines of the multiple that TMobile received.

Shifting to the financials, which were underperforming today amid news of Citigroup ( C) reverse split. Seymour said it was a positive day for Citigroup, especially the announcement of its plans to reinstate its quarterly dividend. He said the bank should do well because of its strong exposure to the emerging markets.

Cortes said he was shorting Citigroup because it has traded worse than the other banks and because of how the emerging markets have underperformed.

Will the Japan's nuclear catastrophe alter the future of nuclear power in the U.S.? Michael Wors, an analyst with BMO Capital Markets, said business will go on as usual in the short run. He said there will be delays in the approval of construction and operating licenses for new plants as well as the extension of old licenses.

Is the bull run still intact? Jeff Degraaf, Renaissance Macro Research founder, believes so. He said he is optimistic because the recent correction occurred without a shakeout in the credit markets.

However, he said more froth does need to come out of the market. He also said tech is done in the foreseeable future.

Shifting to the chart center, Weiss said investors should gauge retailers like Nike ( NKE) and Tiffany ( TIF) more on their fundamentals than on their ability to manage higher commodity costs.

In the final trades, Weiss liked ConocoPhillips ( COP) ahead of its analysts day on Wednesday. Seymour liked Rio Tinto ( RIO). Adami liked Church & Dwight ( CHD) still works north of $80. Cortes said he would short commodies if copper declines. And Kelly liked PowerShares DB Agriculture Fund ( DBA).

--Written by David Tong in San Francisco.

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