NEW YORK ( TheStreet) -- Stocks rallied early Monday on news of the death of Osama Bin Laden but there was little follow-through as the major U.S. equity indexes finished in the red, right around their lows for the day. The Dow Jones Industrial Average settled 3 points, or 0.02% lower, at 12,807. The S&P 500 fell 2 points, or 0.2%, to 1361, while weakness across the tech sector weighed on the Nasdaq Composite, which fell 9 points, or 0.3%, to 2864. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Melissa Lee, the moderator of CNBC's "Fast Money" show, began Monday's show asking the panel to try to quantify the significance of Bin Laden's demise for Wall Street. Joe Terranova said he believed the news had both social and market consequences, and that the market consequences weren't sustainable. Noting stocks have been trading mostly on momentum of late, he called today's reversal "ugly" and possibly an indication that the market is running out of steam. Tim Seymour pointed out that the economic data from abroad was favorable but the market didn't rally, while Guy Adami said so far every reversal has been a buying opportunity. "We'll see about this one," he added, noting a number of stocks, including Cerner ( CERN), Eastman Chemical ( EMN), and IBM ( IBM) were sitting at or near 52-week highs. Karen Finerman characterized the Bin Laden news as noise as far as the market is concerned, although the potential for retaliation is a slight negative. She was optimistic about the deal activity that took place on Monday, referencing Arch Coal's ( ACI) deal to acquire International Coal Group ( ICO) for $3.4 billion; Teva Pharmaceutical's ( TEVA) agreement to buy Cephalon ( CEPH) for $6.2 billion; and Community Health Systems' ( CYH) decision to boost its bid for Tenet Healthcare ( THC). Oil prices gained Monday on the lower dollar, rather than concerns about Mideast turmoil, according to Joe Terranova, who said he sold some of his long position in Apache ( APA) and that it may be time to take some of Occidental Petroleum ( OXY) off the table as well. Tim Seymour chimed in here, saying the weakness in the integrated oil names was notable today and suggesting ConocoPhilips ( COP) could be bought on the dip. Joe Terranova added that Tesoro ( TSO) and Valero ( VLO) were worth a look here as well. Monday's action in silver was the next topic of conversation as the metal dove following news that Nymex is lifting margin requirements to trade silver futures. Joe Terranova felt the change squeezes out weaker hands but that the fundamental reason for buying silver remained intact. Guy Adami said he wasn't sure silver was really even trading on fundamentals at this point, while Tim Seymour said he believes $42.14 is the real test for silver's rally. Silver prices for July shed $2.51 to settle at $46.08 an ounce, after plummeting 13% earlier in the session and bouncing off the $42.20 Anthony Scaramucci of SkyBridge Capital pointed out that negative real interest rates make it much easier for hedge funds to carry these commodities on their balance sheets.