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NEW YORK ( TheStreet) -- The broader markets opened higher before eventually caving to selling pressure, closing at the lows of the day.
As the 10-year Treasury yield continues to rise, Pete Najarian said on
CNBC's "Fast Money" TV show he doesn't think rising rates will kill this year's rally in equities.
Instead, he said it should create great buying opportunities, especially in names that have been oversold such as
Steve Grasso said the rising rates should help online brokers such as
Charles Schwab(SCHW), while harming the utility stocks.
Jim Lebenthal said rates can't go too much higher because they are not rising due to inflation. Eventually, they will have to come in a bit since the
Federal Reserve has interest rates pegged so low. He added that he was a buyer of oversold stocks.
Josh Brown said he would avoid the homebuilders, despite the potential value that exists. He added that while the companies might not actually be that bad off, the perception from the market is to sell.
In celebration of
Google's(GOOG) ninth anniversary as a public company, Brown said he was a buyer and thinks the stock will top $1,000. He added that it has a lot of support around $845.
Grasso agreed, saying he still believed in the stock although he sold about two-thirds of his position and is waiting for the stock to decline a little more.
Lebenthal said he prefers tech names that have been beaten up a bit more, such as
Apple(AAPL), which was the first stock on the show's "Pops & Drops" segment. He added that the carl Icahn position has given a lot of investors on the sideline a reason to jump in on the long side.
Intel(INTC) popped higher on Monday from an upgrade. Brown said this was a great chance for investors to exit their positions because the company has few positive catalysts in the next 12 months.
Dollar General(DG) was up 3% and Najarian said he continues to like the space, especially if the economy takes a turn for the worse.