Strategist Bob Doll urges investors to hold onto any stocks they own despite the temptation to sell shares and leave the market because of the seemingly daily stomach-churning volatility.

"We're no longer in that era of financial repression," Doll, chief equity strategist at Nuveen Asset Management, told CNBC.

"Volatility is normalizing; PE's are normalizing," he said, explaining that stocks should continue to rise in the long term despite frequent speed bumps in the road.

To be sure, U.S. stocks were slightly higher on Friday as strong earnings from major U.S. companies such as Procter & Gamble helped brush aside growth risk concerns in Europe and political tensions related to Saudi Arabia.

Wall Street has had a rough ride over the last two weeks, suffering one of its worst two-day losses since 2015 on concerns over rising interest rates, trade tariffs and their impact on global growth and demand for stocks, Reuters said.

“Some good earnings is leading to a better sentiment today and we are seeing a little bit of a rotation too,” said Chad Oviatt, director of investment management at Huntington Private Bank.

“We are watching the growth versus value relationship and it appears investors are getting a little more defensive in their positioning.”