Investors worry about a recession -advisor

"There's the concern that the Fed could cause the next recession by overreacting and crimping growth to the point where we go into a recession," said Gilbert.

The S&P 500 and Nasdaq added to losses while the Dow turned lower on Wednesday afternoon after minutes from the last U.S. Federal Reserve meeting showed officials said the central bank may need to raise interest rates sooner than expected and reduce asset holdings quickly.