Skip to main content

NEW YORK (TheStreet) -- "We've had some really nice gains here," Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said on CNBC's "Fast Money Halftime" show. On Tuesday, the S&P 500 hit a new all-time high. 

Investors should continue to stay long stocks and adjust their holdings according to their risk tolerance, he said. In late winter or early spring there always seems to be some sort of surprise that temporarily derails the market. 

The general market trend should continue, which means higher stock prices, said Dan Greenhaus, chief global strategist at BTIG. Higher interest rates and falling capital expenditure budgets for oil companies may negatively impact stocks temporarily, but the U.S. economy is doing great. The proof lies in the 5% GDP revision for the third quarter. "Where the recession?" he asked. 

"We're just beginning to see" economic data that is really good, added Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. The final GDP revision showed broad-based strength, which should bode well going into 2015, where earnings and revenues growth both have the potential to accelerate. 

"The path of least resistance is higher," said Jim Lebenthal, president of Lebenthal Asset Management. However, he's concerned about the potential military risks associated with Russia. 

There's a lot of good news for investors, but the financial situation in Russia could become a concern, according to Jon Najarian, co-founder of and One Russian bank already received a $500 million bailout, he added. 

As for which stocks to buy, Bill Nygren, portfolio manager of the five-star rated Oakmark Fund, which has $13 billion in assets under management, likes energy and financial stocks, particularly Apache (APA) - Get APA Corporation Report and Bank of America (BAC) - Get Bank of America Corporation Report . While oil has fallen to the mid-$50s, there's little evidence the commodity won't move higher over the ensuing years. 

Scroll to Continue

TheStreet Recommends

Once Bank of America puts its litigation issues behind it, earnings per share will be able to grow quickly, making the stock attractive on a price-to-earnings basis, Nygren said. The bank could return a lot more cash to shareholders in the future, too. He also likes Amazon (AMZN) - Get Inc. Report and Google (GOOGL) - Get Alphabet Inc. Report and believes the stocks are cheap based on longer-term time horizons. Specifically, Google should be trading with a valuation that is at least in-line with the S&P 500, looking out into 2016. 

Lebenthal said on Apache it feels too risky to be picking just one individual energy stock at the moment. For now, he would avoid Apache. 

The conversation shifted to biotech stocks; the iShares Nasdaq Biotechnology ETF (IBB) - Get iShares Biotechnology ETF Report slid 5% on Tuesday.

Gilead Sciences (GILD) - Get Gilead Sciences Inc. Report is starting to look attractive, Link said. The stock is down 20% in the past two days on news that Express Scripts (ESRX) will only cover AbbVie's (ABBV) - Get AbbVie Inc. Report hepatitis C treatment. Abbvie is an AAP holding. However, while GILD may seem attractive, it could see additional selling pressure into year's end, she cautioned. 

Gilead is having its worst two-day performance since 2001, Brown added. With the IBB down so much in one day, investors should be cautious since this group tends to be volatile. The group dropped 25% in six weeks at the start of 2014, before rebounding to new highs, he reminded investors.

For their final trades, Lebenthal is buying BP (BP) - Get BP p.l.c. Report and Najarian is a buyer of Express Scripts. Brown said to buy Charles Schwab (SCHW) - Get Charles Schwab Corporation (The) Report and Link is buying Allison Transmission (ALSN) - Get Allison Transmission Holdings Inc. Report

-- Written by Bret Kenwell

Follow @BretKenwell

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.