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Watch Art Cashin: Here's what's helping stocks

Art Cashin says stocks are being supported by the belief that the Federal Reserve will be tapering later rather than sooner because this week's debt deal only postpones the budget showdown for a few more months.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani it wasn't a "sell the news event" because the deal really wasn't all that much news.