"What people perceive is what they believe," Neil Hennessy of Hennessy Funds told CNBC. "The perception out there is that companies are losing money, when, in reality, they're not losing money. Their earnings might be down 10 percent this year, but they're not losing money."
He urged investors to step back, realize that they can't make money buying Treasurys, and get their money flowing back into stocks.
"Think about the Dow Jones," he said. "If you bought all 30 companies in equal dollar amounts, you're going to get a 4 percent yield."