In a sharp reversal, the U.S. stock market jumped higher Wednesday after six consecutive days of declines.
While fears over global growth contributed to the recent market rout, BlackRock's Russ Koesterich told CNBC's "Power Lunch" before the market close that he believed the ultimate fate of the market will depend upon what happens with the U.S. economy and the Federal Reserve.
"Most of the numbers we look at are not signaling another recession. This looks very different than 2008, and if the economy remains sound and the Fed holds off a bit, then there is a better chance that this will be a correction rather than a start of something more serious," BlackRock's global chief investment strategist said.
The major averages closed about 4 percent higher Wednesday, with the S&P 500 coming out of correction territory.
Investors have anxiously waiting for a signal from the Fed as to when it will begin to raise interest rates. Some still believe it could occur as early as September.