Ebola fears will continue to weigh on market: Pro

Ebola worries Wall Street

Fear about Ebola contributed to the market's tumble on Wednesday, and it will continue to be a headline risk until investors are convinced the situation is under control, a strategist told CNBC.

"Until investors feel good about the CDC [Centers for Disease Control] and our hospitals having their arms around it, it will continue to impact the markets," David Kudla, CEO and chief investment strategist of Mainstay Capital Management, said in an interview with "Closing Bell."

Cyrus McCrimmon | Denver Post Photo | Getty Images

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.

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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 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.

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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."

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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.