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Investors would be making a mistake if they did this, expert says

Michelle Fox

Investors would be making a mistake if they tried to follow every "play by play" coming out of Washington, expert Evan Newmark told CNBC on Friday.

"You'll be a lousy investor if you try and follow what's going on on a minute-by-minute basis," the private investor and CNBC contributor said in an interview with " Closing Bell ."

The perfect example is the failed Republican health-care bill , which turned out to be "much ado about nothing" for the stock market, which essentially shrugged it off, Newmark noted.

"We're dealing with a glass-half-full stock market right now," he said. "Unless something really bad happens, the market will kind of ignore it."

Equities moved higher after President Donald Trump 's victory in November as investors looked toward his promises of tax reform, deregulation and infrastructure spending.

However, Republicans' first task was health care, which the party pulled from the House floor last week after it failed to gather enough votes for passage.

The stock market has recently been trading in a narrow range and ended lower Friday . However, it posted strong gains for the first quarter .

Jonathan Corpina, senior managing partner at Meridian Equity Partners, is expecting that strength to continue, at least for the early part of the second quarter.

"Getting into the second quarter, economic data is still going to boost our markets. Before we know it, we're going to roll right back into earnings season. And interestingly enough, I think the IPO calendar is going to be pretty robust," he told "Closing Bell."

However, Washington has really been dictating the market, so it will be "interesting" to see what happens with tax reform and other issues coming down the pike, Corpina added.

That's one of the reasons Rene Nourse, principal and managing director at Urban Wealth Management, is attracted to international markets.

While the U.S. market has been "very robust" for the past several years, international markets and emerging markets have outpaced the U.S. market year to date, she said in an interview with "Closing Bell."

"The valuations are much more attractive and at this point, I think the U.S. market is really being driven by the noise out of this administration. So if things don't happen that the way that we think that they will and on a timely basis, we could be in for a little bit of a heartbreak here," she noted.

However, one domestic area she still likes is energy, as long as investors are selective.

For one, the Trump administration has a fossil-fuel friendly approach, and there are a lot of great energy companies that pay great dividends, Nourse said.

"I don't ever see oil hitting the levels that they did a couple of years ago. That's never going to happen. But they'll probably stabilize in here and I still think that there's some upside," she added.

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