NEW YORK (TheStreet) -- The stock market has risen on the earnings from three-quarters of the reporting S&P 500 companies, said Pete Najarian, co-founder of optionmonster.com and trademonster.com.
That's a nice change from the recent negative geopolitical headlines, although those headlines created buying opportunities, Najarian said during CNBC's "Fast Money Halftime Report." He added the volatility index has pulled back significantly.
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Geopolitical headlines have weighed on U.S. equities until recently, agreed Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC. The U.S. economy is the best investment right now, which is why U.S. stocks have risen sharply. He likes health care stocks and Macy's (M) .
"Did the Santa Clause Rally come early?" asked Joseph Terranova, chief market strategist for Virtus Investment Partners. He thinks many investors are being "massively fooled" right now after the rapid rebound in stock prices and the stabilization of oil prices. Stocks aren't done going higher, countered Mike Murphy, founder of Rosecliff Capital.
Jay Bowen, CEO of Bowen, Hanes & Company and one of the top pension fund investors in the country, said central bank monetary policy around the world is what is fueling stocks.
The Bank of Japan's surprise stimulus announcement caught most investors off guard and the European Central Bank could announce its own version of stimulus later this week, he said. His top picks include Nestle (NSRGF) , Novartis (NVS) and International Paper (IP) .
Laboratory Corporation of America Holdings (LH) is down by 8.5% and was the first stock on the show's "Trader Blitz" segment. Labcorp announced it will acquire Covance (CVD) for $5.6 billion. The synergies here are powerful, Najarian said, but investors should wait a few months before buying the stock.
Murphy said he is long Boardwalk Pipeline Partners (BWP) and said the stock seems poised to return to $21. Terranova said to stay long Marriott International (MAR) and Hilton Worldwide Holdings (WLT) and Weiss said to buy Facebook (FB) over Twitter (TWTR) and Google (GOOGL) .