NEW YORK ( TheStreet) -- A rebound in oil prices helped the U.S. stock market stabilize on Tuesday, but other systemic risks have investors worried, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said on CNBC's "Fast Money Halftime" show.
The Russian ruble has been incredible volatile, as have Russian equities, with the Market Vectors Russia ETF (RSX) climbing some 20% from its lows made in the morning. Higher crude prices are boosting both U.S. and Russian stocks, he said.
Must Read: 7 Stocks Warren Buffett Is Selling in 2014
Oil is driving the price of many different markets, said Pete Najarian, co-founder of optionmonster.com and trademonster.com. However, as oil moved lower in the morning, many U.S. energy stocks were flat or even positive on the day. That's a bullish sign, he said, although volatility in the market is still quite high.
Paul Richards, managing director and head of FX, rates and credit distribution North America at UBS, said Russia's currency issues are an isolated event within the emerging markets group. Falling oil prices have only exacerbated the issues. Overall, though, lower energy prices and lower rates will be good for global consumers. The global economy and Russian crisis will likely force the European Central Bank to initiate some form of stimulus in January, he said.
If oil prices do indeed stabilize, investors will calm down and the stock market should stop declining, according to Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio. Industrial stocks including 3M Company (MMM) and Honeywell (HON) both look attractive after positive 2015 outlooks, as does Boeing (BA) with its dividend and buyback boost.
The credit market for exploration and production, and oil services companies are attractive and will become more attractive through the end of the year, said Wilbur Ross, CEO and chairman of WL Ross & Company. Many fund managers are selling energy positions so they will not have as much exposure on their books and for tax benefits headed into the end of 2014.
Lower oil prices will be good for importing regions like Europe, Japan, China, India and the U.S., Ross added. There are certainly concerns right now about junk bonds. The continual selling is making it very hard to offload any of these positions.