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Watch Art Cashin: 'We're off to the races'

Monday, 23 Dec 2013 | 1:26 PM ET
Cashin says: Markets' rally fueled by earnings
Monday, 23 Dec 2013 | 11:40 AM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss what's driving stocks higher, as the Santa Claus rally continues and the Fed begins to taper its stimulus program.

Art Cashin says the stock market appears to be "off to the races, pretty clearly" after the benchmark S&P 500 stock index decisively broke above 1815, a key technical level.

About midway through today's session, the S&P was trading above 1828, a gain of more than 10 points.

But Cashin, UBS' director of floor operations at the NYSE, warned CNBC's Bob Pisani that "it is a market and things can change."

Specifically, "If we were suddenly to get a hike in the 10-year (U.S. note) yield. We're looking at 2.95 (percent) as an area of concern."

As for forecasts the stock market will score another double-digit percentage gain in 2014, Cashin thinks it will depend on whether corporate America can continue to report strong earnings.

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