With major stock market indexes coming off their first two-week winning streaks of the year, UBS' Art Cashin says this winter's frigid weather has helped traders overcome worries about emerging markets and an economic slowdown.
Concerns over the Fed's plans to scale down its economic stimulus programs, coupled with pullbacks in emerging markets, made for a weak start to 2014. Then came several sets of weaker-than-expected economic data. But as markets rallied, the winter storms plaguing the East Coast provided traders a convenient scapegoat for the bad numbers, Cashin said Tuesday, calling the nasty weather a "get-out-jail-free card."
"We got lousy payroll numbers and we had a rally that day," Cashin said on CNBC's "Squawk on the Street." "We've had pretty miserable numbers since and everybody's excusing it, including the Fed, that it may all be weather related."