Cashin attributed the surge to new money for the new month, new half and new quarter, with a little help from China's official purchasing manager's index (PMI) for June.
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"It's really new money for the new month. You've got some underfunded pensions and others trying to play catch-up, they've been behind the market," he said. "That's why the market today is so broad; it's kind of an across-the-board selection."
When the Dow hits 17,000, it may get the retail investor more excited about getting into the market—which wouldn't be a bad thing, as long as it is not overdone.
"They haven't been in. You'd like to invite them in a little bit. We'd like to broaden this out. We talk about income inequality; the best way to get [equality] is to get everybody at least aboard the same boat," Cashin said.
—By CNBC's Michelle Fox