Thursday's stock market rally appeared to be the most credible rebound Wall Street has seen during the past few weeks of downward swings and weak gains, UBS' Art Cashin told CNBC on Thursday.
"We tried for two days with a very heavily oversold market to produce a rebound," Cashin said on "Squawk on the Street." "You had a lackluster blip up on Tuesday. Wednesday, you've got no follow through."
Cashin said three factors played into Thursday's better showing: Traders bought discounted stocks, others covered short positions, and the yield on the 10-year Treasury note surpassed 2.67 percent,