And more volatility may be in store.
Oppenheimer's Chief Market Strategist John Stoltzfus said he expects more turbulence in the coming days and even months as the Fed figures out how it will scale back on monetary support; namely, whether it will gradually pull back or pull the plug all at once.
Also tensions overseas, a selloff in emerging markets and a slow recovery in Europe "will all contribute to ongoing volatility in the markets," said Stoltzfus.
And that increased volatility should continue to bode well for trading volumes, which have been at depressed levels for a long period of time. Volatility in interest rate derivatives, in particular, is likely to increase given the focus on the Fed's plan to scale back on monetary support.
However, Morningstar analyst Gaston Ceron said when it comes to the benefits of market volatility, it's all about finding that Goldilocks sweet spot.
"While volatility does create new trading opportunities for market participants, too much volatility could scare some investors and push them to the sidelines," said Ceron.
—By CNBC's Seema Mody. Follow her on Twitter: @SeemaCnbc