The stock market opened amid anxiety and uncertainty Tuesday morning.
Monday's drop brought the overall market 10 percent lower than early October and officially qualified as a "correction".
"I think the volatility is caused because there is speculation that the United States could be headed for a recession. And I think while most people believe this is not going to happen, recession is a scary word," said financial consultant, Michael Strojny.
He says now is not the time to panic or overreact. Despite often wild fluctuations in individual stock prices, investors must be prudent.
"The ones who run scared normally are the ones who lose. They're the ones who will pull their money out at the worst time and put it back in, also at the worst time," says Strojny.
He suggests any investment adjustments should be conservative.
"Maybe move a little bit more percent of their money to bond funds, rather than growth funds. But not make major moves. Nobody should make a major move in these volatile times."
"The important thing is really not what's the outlook for the next three months or six months or even year or two. But what are your longer term goals?" says financial consultant Phil Huffman with A.E. Edwards.
Huffman agrees that a volatile Wall Street isn't reason to panic. Investors should focus on their goals.
"Are they short term, long term, intermediate. What is your risk level? What kind of decline can you handle and still sleep well at night?" he says.
As for fears of recession, Huffman says preparation is prudent.
"In our firm, we would put the percentage/probability at about 40 percent. So, it's something that we're aware of. We want to be positioned just in case."
Huffman says investors may wish to consider stocks that hold up better during times of economic slowdown. Those include companies dealing with health care and consumer staples.