Monday's 2.3 percent drop in the Standard & Poor's 500 Index represents a "natural phenomenon" that makes stocks a good bargain, says Savita Subramanian, head U.S. equity strategist for Bank of America Merrill Lynch.

"I do see this as a great buying opportunity for some of the higher-quality names in the S&P 500 that have sold off on emerging market exposure," she told CNBC.

U.S. stocks historically experience 5 percent corrections about three times a year, particularly around shifts in monetary policy, Subramanian says.

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The S&P 500 has lost 5.8 percent so far this year, closing at 1,741.89 Monday. The Federal Reserve last week announced the second leg of tapering of its quantitative easing (QE), cutting its monthly bond purchases by $10 billion.

Rising capital expenditures will push stocks higher this year, Subramanian maintained. But she said investors are nervous after last year's 29.6 percent surge by the S&P 500 and amid the Fed's plan to keep shrinking QE.

"We're still in that wall of worry phase, where we're looking for what could go wrong instead of what could go right," Subramanian said.

Others see the stock market's decline as temporary too. "The market is adjusting to the Fed taking the punch bowl away," Douglas Cote, chief market strategist at ING U.S. Investment Management, told Bloomberg.

"The fundamentals remain solid. Even though we're in the correction phase, ultimately the path for the market is up."

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