If this isn't a bear market, it's close: Expert

It was a wild day for stocks Wednesday as increased speculation about a global recession and plunging oil prices fired a global sell-off. However, amid fears of impending doom, some are willing to buy the dips.

"If we're not in a bear market, we are pretty darn close," David Sowerby, portfolio manager at Loomis, Sayles & Co., told CNBC's "Closing Bell" on Wednesday, adding that historically this is a great time to buy.

The investor suggests investing in "value opportunity" stocks such as Dollar General, manufacturing company Snap-on and spin out stocks. Sowerby suggested Babcock & Wilcox Enterprises as his top choice.

However, while there are many suggestions around, investors should "discriminate with the sectors," said Bruno del Ama, CEO at Global X Funds.

"There are certainly problem areas, certainly in the high-yield space; anything energy is very problematic," he said Wednesday on "Closing Bell," suggesting the consumer staples, technology and health-care sectors as the better option.

While del Ama is bearish on the energy sector, Keith Fitz-Gerald, chief investment strategist at Money Map Press, says pieces of the energy sector are a "must have," suggesting Valero Energy.

"Gasoline is still a must have, I don't care what price it is. They're theoretically selling it for more than they're buying it," he said on "Closing Bell." "There's going to be value in this market."

Crude inventories rose by 4.6 million barrels in the week to Jan. 15 to 485.2 million, compared with analysts' expectations for a increase of 2.8 million barrels, according to the American Petroleum Institute. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 63,000 barrels, API said.

Disclosure: Sowerby has positions in Dollar General, Snap-on and Babcock & Wilcox.

CNBC's Tom DiChristopher contributed to this story.