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Ukraine vs economic news: What matters more to market?

Positive economic news stood in stark contrast to deepening fears about the crisis in Ukraine on Monday. As stocks fluctuated throughout the day, it begged the question—which matters more to the market?

If history is a guide, what's happening in Ukraine should not have substantial effects in the medium to long term, according to Andres Garcia-Amaya of JPMorgan Fund.

"Sure there may be some volatility in the short term, but we don't expect this to derail what we currently see," he told CNBC's "Street Signs."

BTIG's Dan Greenhaus agreed. "The effects of these types of global conflicts tend to be relatively short-lived."

Read MoreGold ends higher on Ukraine tensions, soft dollar

However, we live in the here and now, he said. That means prepare for some volatility, which could also mean opportunity.

Traders work on the floor of the New York Stock Exchange on Monday.
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Traders work on the floor of the New York Stock Exchange on Monday.

"This was supposed to be over some time ago," Greenhaus said. "This could obviously get way worse, in which case you could have a meaningful sell off in equities of some sort, but at that point it becomes unquestionably a buying opportunity."

Fighting continued in Ukraine on Monday, with pro-Russian rebels shooting down a Ukrainian helicopter. Kiev also sent special forces into Odessa to halt a feared spread of rebellion. Meanwhile, President Barack Obama and German Chancellor Angela Merkel have threatened to hit Russia with tougher sanctions if it interfered with the upcoming elections in Ukraine.

On the economic front, U.S. manufacturing picked up for a third straight month in April. Also, some Wall Street economists are now forecasting 4 percent or better growth for gross domestic product in the second quarter.

Read More Economists climb on board the 4 percent bandwagon

"The economy is getting stronger," said JPMorgan Fund's Garcia-Amaya. While we'll have to wait for "cleaner data" in the third quarter, he believes the U.S. economy "will be closer to 3 percent growth rather than 2 percent growth."

He also thinks we'll see earnings growth of "6, 7, 8 percent if the economy is accelerating, and we think that's what's going to carry the markets."

By CNBC's Michelle Fox. CNBC's Steve Liesman and Reuters contributed to this report.

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