Power Play: Betting on low oil prices

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Oil rallying again on Monday, but is still down about 50 percent over the past year.

Two Wall Street veterans say the big drop will not hurt the bull market and stocks can move higher from here.

"Oil finally established some sort of bottom. Investors can put things into context a little bit better," Gene Peroni, senior vice president and portfolio manager at Advisors Asset Management, told CNBC's "Power Lunch" on Monday.

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Joe Tanious, investment strategist at Bessemer Trust, is overweight U.S. stocks and believes consumer-oriented companies are likely to benefit from the fall in oil.

"Lower oil prices is clearly having a positive impact on consumption; coupled with less fiscal drag, we believe the US economy will lead the developed world in the coming months," Tanious said.

Both Brent Crude and WTI Crude surging more than one percent in trading Monday.