Art Cashin said stocks gained Thursday as fears of emerging market currency problems eased but investors should "take the joy that we have today and hold onto it and see what markets do overnight."
Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani he thinks the primary factor helping equities now is "the fact that the end of the world has been postponed, apparently. We'll see how long that continues. If the emerging markets can remain stable for a couple of days we might be able to build on this. I think they're going to take it one day at a time."
He thinks the market's attention will be moving from earnings to the economy in the coming days. "We've seen some weakening signs. Can the Fed keep tapering? What's going on here?"