U.S. stocks rose Friday, but "Fast Money" traders were skeptical that equities would mount a sustained rally.

The three major U.S. averages rose more than 0.3 percent each after much worse-than-expected April job creation. The U.S. economy added 160,000 jobs in the month, versus estimates of 202,000, according to Thomson Reuters. Some felt the figure, though, may deter the Federal Reserve from raising interest rates.

WTI crude oil also settled 0.8 percent higher Friday at $44.66 a barrel. Traders picked apart what those developments meant for markets.

Energy stocks

Some traders believe oil will dip in the coming weeks, hitting energy stocks.

Trader Steve Grasso said he believes oil prices rose due to a wildfire that has threatened Canadian oil production. That will likely prove transitory, and oil prices will reverse, he contended.

"I would sell energy names," Grasso said.

Trader David Seaburg agreed that energy stocks could fall.

Bonds and gold

Gold futures rose Friday, and have now climbed 21 percent this year. Traders Guy Adami and Brian Kelly contended the metal would keep rallying in a choppy market.

Adami added that he believes U.S. Treasury prices will climb, pushing the iShares 20+ Year Treasury Bond ETF higher. The U.S. 10-year Treasury note yield, which moves inversely to its price, has dropped more than 20 percent this year.

The U.S. dollar

The U.S. dollar was about flat against a basket of major currencies on Friday despite the market expectation that the Fed would wait to raise interest rates. Higher rates are expected to lead to a stronger dollar.

Trader Brian Kelly said he believes the dollar's resilience shows that it may climb moving forward.

Disclosures:

Guy Adami

Guy Adami is long CELG, EXAS,GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.

Steve Grasso

Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX kids own EFA, EFG, EWJ, IJR, SPY

Brian Kelly

Brian Kelly is long BBRY, Bitcoin, GLD, SLV, US Dollar; he is short Australian Dollar, BLK, CS, DB, Euro, EWA, EWH, FRC, Hong Kong Dollar, UBS, Yuan, 5-Year Note Futures

David Seaburg

Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc