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NEW YORK (TheStreet) -- The Federal Reserve announced the end of its quantitative easing program Wednesday and that made the market somewhat happy Thursday. 

Just because the Fed is finished purchasing Treasuries doesn't mean interest rates will automatically go higher, Joseph Terranova, chief market strategist for Virtus Investment Partners, said on CNBC's "Fast Money Halftime Show." He said Treasury yields will likely stay low as investors avoid floundering economies and put their money to work in U.S. assets. 

Investors can stay long stocks but should stay cautious, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. The underlying price action from individual stocks is very strong, which is reassuring for bullish investors. 

"I'm not afraid of stocks, because the economy is strong," said Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. She pointed out that GDP grew 3.5% in the third quarter and suggested that lower oil prices and lower interest rates would be beneficial to the consumer. 

The Fed is trying to stay relatively open-ended, according to Mohamed El-Erian, chief economic advisor at Allianz. Quantitative easing is likely to happen in Europe and Japan because these two economies continue to struggle. The 10-year U.S. Treasury Note yield is likely to trade between 2.2% and 2.6%. 

Jon Najarian, co-founder of and, pointed out the iShares 20+ Year Treasury Bond ETF (TLT) - Get iShares 20+ Year Treasury Bond ETF Report  rose Thursday, suggesting investors really do not expect rates to move higher any time soon. 

The stock market isn't done moving higher, argued Paul Richards, head of forex, rates and credit distribution at UBS North America. The end of QE in the U.S. is actually a goodthing because it shows the Fed has confidence in the economy. The GDP report was good, non-farm payrolls should be strong and the start of QE in Europe will be bullish for the U.S. 

Ken Allen, science and technology fund manager at T. Rowe Price, said Amazon (AMZN) - Get, Inc. Report is a buy after the recent pullback. In the long term, e-commerce and cloud computing will continue to grow immensely, for which Amazon is positioned. 

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As for LinkedIn (LNKD) and Vipshop Holdings (VIPS) - Get Vipshop Holdings Ltd. Report , Allen said the stocks look "really promising" near current levels and have plenty of growth left in the tank. 

Amazon might set up for a good trade going into the holidays, Terranova reasoned, but it's not a good stock to hold for the long-term. VIPS, LNKD and Google (GOOGL) - Get Alphabet Inc. Class A Report are all attractive. 

Not so fast, Link said. Everyone hates Amazon right now and the stock is down 25% for the year to date. But with a strong consumer and the holidays just around the corner, this stock looks interesting on the long side.

She also likes Twitter (TWTR) - Get Twitter, Inc. Report  , which is an Action Alerts PLUS holding. The stock is down roughly 19% this week and the company has its analyst day soon, which may act as a bullish catalyst since expectations are low. Brown added that Twitter grew its by 114% year over year in the most recent quarter.

In financials, Terranova said he likes regional banks, which should do well in 2015. Link prefers credit card companies. Visa (V) - Get Visa Inc. Class A Report and MasterCard (MA) - Get Mastercard Incorporated Class A Report both had strong quarters, she said. But American Express (AXP) - Get American Express Company Report is the most attractive. 

For their final trades, Brown is buying Discover Financial Services (DFS) - Get Discover Financial Services Report and Najarian is a buyer of Dr. Pepper Snapple Group (DPS) . Link said to buy Allison Transmission (ALSN) - Get Allison Transmission Holdings, Inc. Report and Terranova is buying Michael Kors (KORS) .

-- Written by Bret Kenwell 

Follow @BretKenwell