Market correction has more room to run, says Goldman Sachs

Tuesday's market rebound doesn't mean the market is yet in the clear — instead, investors should brace for more market volatility following Monday's global sell-off, according to Goldman Sachs chief global equity strategist Peter Oppenheimer. The S & P 500 rose 1% on Tuesday in a broad relief rally that lifted all 11 of its sectors. The tech-heavy Nasdaq Composite also advanced 1%, and the blue-chip Dow Jones Industrial Average added 0.8%.

"We're still going to see, I think, some choppy environments in the short-term as investors really start to calibrate and get more confident again about the direction of interest rates and the economy." However, Oppenheimer doesn't necessarily think the correction is bad for the market. He instead views it as "healthy and somewhat inevitable after such a long period without a pullback.

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