NEW YORK (TheStreet) -- West Texas Intermediate continued its slide Tuesday, trading as low as $75.84 per barrel. But despite the decline, Jon Najarian, co-founder of optionmonster.com and trademonster.com, says the stock market can still continue rising.
On CNBC's "Fast Money" TV show, Najarian said the market may decline in the short term due to fluctuating oil prices, but in the intermediate to long term, the decline in energy prices will be better for most businesses and for consumers.
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Lower oil is obviously bad for the energy sector, said Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. However, 70% of GDP is driven by consumers, so if they have fewer expenses that will be good for the economy. As long as earnings remain strong, stocks can go higher.
"It depends if falling oil prices are due to oversupply or lack of demand," said Jim Lebenthal, president of Lebenthal Asset Management. If lack of demand, then the economy could be in trouble. Fortunately, it appears that lower oil prices are due to oversupply.
When oil prices settle down, the stock market is likely to "snap back," said Pete Najarian, co-founder of optionmonster.com and trademonster.com. Right now the energy sector is weighing on the S&P 500.
The company has "incredible growth," Pete Najarian said. He likes the stock on the long side. Link added that China revenue climbed nearly 50% while mobile revenue and user growth was very strong.