The Dow Jones industrial average was down more than 550 points in intraday trading Wednesday before paring those losses somewhat to end down 249 points. The S&P 500 finished down about 1.2 percent at 1,859, after falling more than 3 percent through its October 2014 intraday low of 1,820.
Still, Hooper advises that investors proceed with caution, but "don't panic," as more volatility is ahead.
"We are living though extraordinarily expansionary monetary policy coming to an end," she said. "Add to that the fact that we have concerns about China, where there's never been a lot of transparency."
The market, which started the year with a drop, as a result of low oil prices and China fears, is not pointing toward a recession, Joseph Lupton, senior global economist at JPMorgan, said Wednesday on "Power Lunch."
WTI settled at $26.55 on Wednesday, its lowest level since May 2003, after dropping to $26.19, a 12-year low, in intraday trading.
Lupton said that while fears of plunging oil prices have been reflected in the equities market, investors should consider that a drop in oil prices will boost other areas of the economy.