'Fast Money' Recap: A Resilient Market

Stock quotes in this article: BAC , MS , GS , POT , XME , GPS , TKC , HOG  

Wall Street brushed aside gloomy jobless figures Friday and rallied on the hopes of the economics stimulus package and next week's bank rescue plan.

The Dow Jones Industrial Average soared 217.52, or 2.7%, 8,280.50, while the S&P 500 rose 22.50, or 2.69%, to 868.60. The tech-heavy Nasdaq jumped 45.47, or 2.94%, to 1,591.71.

Guy Adami said on CNBC's "Fast Money" TV show that the market ignored the jobless data because it's a lagging indicator. He said he liked the market today because it shrugged off a lot of bad news and continues to accelerate. He expects the market to continue moving up next week.

Tim Seymour said the feeling that there's "light at the end of the tunnel" is noticeable in a number of indexes, including those that track shipping and transportation.

Pete Najarian said that's true in the commodities market where copper, steel and other metals are moving forward. He also said the S&P finally broke through the 850-level.

Melissa Lee, the moderator of the show, asked CNBC senior economics reporter Steve Liesman for a report on what he's hearing from sources about the Treasury's bank rescue plan, which is scheduled to be announced on Monday.

Liesman said the so-called government aggregator bank is expected to purchase up to $500 billion in assets and provide additional capital as needed to banks.

He also said Treasury Secretary Timothy Geithner will announce an overhaul of the transparency and governance portions of the rescue plan. And he is expected to come up with a plan to deal with foreclosures a few days after his speech on Monday.

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