On Wednesday, federal officials said a second Dallas nurse tested positive for Ebola. The patient, identified as Amber Vinson, had treated Thomas Eric Duncan, who died from Ebola last week. Vinson flew from Dallas to Cleveland on Oct. 8 and returned on Monday, boarding a Frontier Airlines flight.
Read MoreNew Ebola patient 'should not have flown' : CDC
Both the airline sector and hotel sectors were hit Wednesday, but pros disagreed on how much of an impact the disease has had on the overall market.
Stocks closed down Wednesday, but recovered substantially from earlier losses. The Dow Jones Industrial Average and S&P 500 both had their worst day in almost three years, with the Dow falling more than 460 points to below 16,000. It was the index's largest intraday loss since Sept. 22, 2011.
Read MoreWith negatives known, why are pros selling now?
Joe Terranova, chief market strategist for Virtus Investment Partners, counts himself as one who does not think Ebola's impact on the market will be "incredibly problematic."
"I think it's great for headlines, but I just don't see it," he said in an interview with "Closing Bell."
Read MoreEbola worries fan flight-to-safety trade
Plus, "the fact that it is here, in my opinion, means that there will be a resolution to it," he added. "We have the ability to arrest what's going on right now. "
—CNBC's Evelyn Cheng contributed to this report.