NEW YORK (TheStreet) -- The Federal Reserve has officially ended quantitative easing and the S&P 500 and Dow Jones Industrial Average continue to make new all-time highs on Thursday. But Gillian Tett said that Thursday rise is because there's a new central bank in town.
Tett, the U.S. editor for the Financial Times, said during CNBC's "Fast Money Halftime" that Mario Draghi of the European Central Bank has given investors optimism by hinting the central bank is gearing up for more balance sheet expansion, possibly to the tune of 1 trillion euros.
The stock market generally performs well during November and December, according to Mike Murphy, founder of Rosecliff Capital. The labor market is doing well and lower gasoline prices will help both businesses and consumers.
Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio, agreed that lower gasoline prices will help the economy. The stock market will likely go in the same direction as corporate earnings, which seem poised to go higher. If the ECB does introduce another form of stimulus, that will also help the stock market, she said.
Health care, technology and financial stocks seem the most likely to outperform the broader market going forward, according to Pete Najarian, co-founder of optionmonster.com and trademonster.com.
"I'm so bullish it hurts," said Jon Najarian, co-founder of optionmonster.com and trademonster.com. The stock market will continue to move higher, while the ECB seems likely to initiate some form of quantitative easing by early 2015.
"I'm still very, very bullish," Paul Richards, a managing director at UBS, said of the U.S. stock market. The euro is likely to continue moving lower, especially if the ECB announces some form of quantitative easing.
Former hedge fund manager Michael Karsch, who is also the founder of KCM Consulting, says investors can still find opportunities in the market but need to be more selective. He likes stocks in the cable industry, the consumer sector and the pharmaceutical industry. Specifically, he likes Pfizer (PFE) and Valeant Pharmaceuticals (VRX) .