NEW YORK (TheStreet) -- Wall Street continues to focus on oil prices, which fell Monday morning only to rise almost 4%. What does this mean for stocks? It means the U.S. is a winner from lower oil prices, not a loser, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management, on CNBC's "Fast Money Halftime" show. Lower- and medium-income households will benefit the most from lower oil prices.
Falling oil prices spur consumer spending, which represents 70% of U.S. GDP, according to Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. Pete Najarian, co-founder of optionmonster.com and trademonster.com. He is a buyer of Devon Energy (DVN) .
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Drilling for oil has become much more expensive over the past few years, which is definitely hurting energy companies with poor balance sheets, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. He is a seller of Carbo Ceramics (CRR) and a buyer of Schlumberger (SLB) .
"It's always tough to call a bottom" on oil prices, said Dan Dicker, president of MercBlock LLC and a contributor to TheStreet. However, it does feel like oil is "getting real, real close" to one, he added. His top picks are EOG Resources (EOG) , Anadarko Petroleum (APC) and Cimarex Energy (XEC) .
Stephen Gengaro, an analyst at Sterne Agee, said when oil does eventually bottom, investors should buy the high-quality oil-service stocks like Schlumberger, he said. Oil could reasonably bounce back to $80 to $85 in the longer term, he concluded.
Adam Parker, chief market strategist at Morgan Stanley, said the S&P 500 could climb to 2,275 by the end of 2015. The 10% rally would be fueled higher by increased earnings per share, despite the potential for higher interest rates. His top sector picks include energy and consumer discretionary.