NEW YORK ( TheStreet) -- The markets rallied Tuesday on the strength of energy and industrial names.

The Dow Jones Industrial Average jumped 81.13, or o.67%, to 12,279.01. The S&P 500 gained 8.67, or 0.66%, to 1,318.86. The Nasdaq added 26.21, or 0.96%, to 2,756.89.

Joe Terranova said on CNBC's "Fast Money" show said the market was getting a lift from energy names. He said he's been overweight in the energy space, with gasoline inventories down, a bullish sign for refiners.

Tim Seymour said the market is doing well because consumer price inflation hasn't hit the American consumer as hard as it has in Asia. In addition, he said there's been encouraging news on wage growth and jobs growth. He said the monthly non-farm jobs report on Friday is very important.

Karen Finerman attributed the market bounce to the end-of-the-month and end-of-the-quarter window dressing by money managers.

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

Pete Najarian said he was particularly impressed with the move in coal in the energy space in stocks such as Massey ( MEE) and Walter Energy ( WLT).

Seymour said the industrial names are also kicking in. He noted General Electric ( GM - Get Report) is spending $3.2 billion to build out its energy and infrastructure unit. And he said United Parcel Service ( UPS - Get Report) and Fedex ( FDX - Get Report) are seeing more demand.

Brian Kelly said oil is a win-win situation. It wins if the economy continues to improve and it wins if the Middle East-North Africa situation gets worse.

The panel launched into a discussion of $1 billion buyback by Home Depot ( HD - Get Report) as well as Amazon's ( AMZN - Get Report) launch of a cloud-based music platform.

Despite a P/E of close to 70, Amazon is one of those stocks that is worth the high valuation, Najarian said.

Shifting to telecom stocks, Najarian said there was explosive upside call options action in a number of stocks. Seymour said Verizon ( VZ - Get Report) has been a "fantastic" story and is a stock "you want to own."

Can the market rally without the financials? Barry Ritholtz, CEO of Fusion IQ, said the financials have become too bloated and slow to change. He cited a lack of confidence in their balance sheets and an inability to operate freely in a new environment.

He said it's clear that the market is powering ahead under the leadership of the industrials, technology, energy and commodity sector, but he said a sustained rally would need broad-based participation of the financials.

Najarian said fear has been in short supply in this rally, as the volatility index slipped to 18.16 today. Several panelists said it was a good time to buy put protection at a cheap price.

Brian Sozzi, of Wall Street Strategies, said Home Depot ( HD - Get Report) and other retailers are resorting to buybacks to improve the total return profile.

He said there are several reasons for this move. One, retailers have seen their debt levels drastically reduced since 2007. Second, retail stocks haven't fared well this year and third, retailers have struggled with margin softness since the fourth quarter.

He said retailers in this boat are easy to spot because they trade lower than their peers, have low amounts of cash on their balance sheets, have vocal shareholders and trade at a discount to their historical multiples.

He said retailers like Target ( TGT), Urban Outfitters ( URBN) and CVS Caremark ( CVX) have lots of cash.

With Mosaic ( MOS) set to report earnings Wednesday, Seymour said the stock is not expensive and expects it to move higher.

Kelly said there are better trades in this space, including the PowerShares DBA Agriculture Fund ( DBA) and its exposure to grains, and Monsanto ( MON).

Najarian said he expects Mosaic and Potash ( POT) will perform well, given the bullish sentiment on earnings in this space and upcoming crop reports.

Kelly went to the charts to point out disturbing signs of a decline in consumer spending and spending on gambling and how these drops have turned out to be early leading indicators of recessions. He offered up one trade in Allegiant Travel ( ALGT) which operates junkets to Las Vegas. He said investors should sell the stock if they are long in it or aggressively short it.

Najarian said Kelly's thesis was a "bit of a stretch" and that a better leading indicator might be the price of gas when it hits $4 a gallon.

Shares of Molycorp ( MCP), which are up 350% up in the past year, moved higher today as China moves to raise prices of its rare earth metals. Kelly said the rise in Molycorp is understandable because rare earth metals are used in a wide variety of products.

How hard will banks be hit by the final Durbin Amendment? The rule gives the Fed the power to regulate fees that banks charges retailers to process debit transactions. Ed Groshans, of Height Analytics, estimates that banks stand to lose $15 billion a year but will manage to compensate for that loss by charging higher fees, a move many banks have already taken.

He said most of the impact of the Durbin Amendment, which is expected to be finalized in mid-May, has been priced into bank stocks.

In the Mining the Gap segment, Najarian focused on Research In Motion ( RIMM), which looks interesting, trading at $57. He noted RIM's cash flow on a quarter basis is $1 billion and how it is pinning its hopes on the Playbook.

Terranova said he didn't there was a trade here, while Seymour said he saw "a ton of value" in the company, with plenty of room for growth overseas.

In the final trades, Kelly liked iShares Silver Trust ( SLV). Najarian liked Union Pacific ( UNP). Finerman said it was time to say "goodbye" to Golar ( GLNG). Terranova said to get in on Ciena ( CIEN) at $22.50. And Seymour said Rio Tinto ( RIO) is going to break through $72.

--Written by David Tong in San Francisco.

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