Next stop for Dow is 17,024, Art Cashin says

The Dow came within reach of 17,000 Tuesday, hitting a new record high, and veteran trader Art Cashin thinks it will continue to power higher, eventually surpassing the psychologically important mark.

"In the Dow, the resistance would be above that [17,000]. It would be more like Dow 17,024 to 17,030, somewhere in there. And even that is not that heavy," he said in an interview with CNBC's "Street Signs."

Art Cashin
Adam Jeffery | CNBC
Art Cashin

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

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