Nuveen Asset Management's Bob Doll is hopeful that all the recent stock-market volatility, and those white-knuckle point plunges, are a thing of the past.

"I think the selling looks like for the moment it's exhausting. Wednesday was a nice rally. Friday was a nice rally. Many technicians say it's the first successful test of the August problem," Nuveen's chief equity strategist told CNBC, referring to August's equity market sell-off

"Maybe the worst is behind us," he said.

U.S. stocks rose on Monday, with the S&P 500 up for the fifth day, after last week's disappointing jobs report hardened views that the Federal Reserve won't raise interest rates this year.

Friday's U.S. nonfarm payrolls report for September showed that job growth slowed in the last three months, increasing prospect that the era of near-zero interest rates will continue for a while yet.

Low interest rates not only make its cheaper for companies to borrow, but also boosts consumer spending.

"September was the best time to raise rates and now it looks like it was the only time they could raise rates," Mohannad Aama, managing director, Beam Capital Management in New York, told Reuters.

The Fed, which has not raised interest rates since June 2006, kept its benchmark rate unchanged in September, citing an uncertain global economic outlook and volatile markets.

Traders are pricing in only a 31 percent chance of a December hike, down from 44 percent before the release of the jobs report, according to CME Group's FedWatch program.

However, Eric Rosengren, head of the Boston Fed, told Reuters on Monday that he still expected the Fed to raise rates this year despite the "weak" jobs report.

Aama said the uncertainty over rates was likely to continue as investors look for more consistency in economic reports.

"The absolutely weak nonfarm payrolls data complicated the Fed's resolve to raise rates this year," IG analyst Bernard Aw wrote in a report, the Associated Press reported. "The soft jobs numbers in the last two months certainly make October rate (increase) an even more unlikely endeavor."

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