Why pros are dismissing the emerging market crisis

Fears of an emerging market disaster have unnerved investors lately, but on Tuesday two stock market professionals dismissed fears of an imminent worldwide crisis and told CNBC there are several reasons to be optimistic about U.S. as well as global markets.

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This still will be a strong year for growth in the United States, Joseph Tanious, a global market strategist at JPMorgan Asset Management, said on "Power Lunch." He called for gross domestic product growth of about 3 percent.

Jeremy Zirin, chief U.S. equity strategist at UBS Wealth Management Research, largely agreed with that GDP estimate and said doesn't believe the problems in emerging markets will reach the U.S, much less impact its growth trajectory.

Bull sculpture market
Adam Jeffery | CNBC

He also is optimistic about corporate earnings, saying 85 percent of profits in the S&P 500 index come from the United States.

"What we're seeing this quarter during earnings season is that S&P 500 earnings growth is on track to be up between 9 percent and 9.5 percent year-on-year, the fastest rate of earnings growth we have seen since the middle of 2011," Zirin said. "So the profit cycle is actually strengthening."

Many Wall Street strategists have suggested in the past week that threats in the emerging markets could actually be positive for U.S. stocks. The thinking is that choppy waters overseas provide investors with more of an incentive to put their money in the safer, calmer U.S. stock market.

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Zirin recommends cyclical stocks over the next several months.

"You want to shift your focus away from the consumer-led sectors to the sectors that benefit from a pickup in capital spending, which has been lagging in this recovery," he said. "That means more industrials, more tech stocks and more financials."

Good selection will be the big key for anyone looking to put money into stocks this year, Tanious said. Investors have to beware of a slowdown in China and should steer clear of commodity players doing business there, he added, but companies exposed to Chinese consumers will fare better.

—By CNBC's Jason Gewirtz