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Art Cashin: Here's What's Driving the Rally

CNBC.com
Thursday, 23 Jul 2009 | 5:35 PM ET

The Dow crossed 9,000 Thursday for the first time since January and Nasdaq racked up gains for the 12th day straight.

Trader Market Check
A check on today's market action, with Peter Costa, Empire Executions, and Art Cashin, UBS Financial Services.

What's really driving the stock markets now?

Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his insights Thursday afternoon.

"It started with earnings," Cashin said.

"Then, Meredith Whitney of Oppenheimer came out [in a CNBC interview] and said she liked Goldman Sachs and several banks that were beginning to turn. And that has lasted pretty much right through to here."

"It's that, it's the earnings and it's the feel that the review of the health care [legislation] means that no one really has an absolute rubber stamp down in Washington. And the market likes that."

Also: Watch the full interview for Peter Costa's take on the Shorts.

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CNBC Slideshows:

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CNBC's Companies in the News:

Microsoft

American Express

CIT Group

McDonald's

General Motors/Motors Liquidation Co.

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Disclosures:

Disclosure information was not available for Cashin or his company.

Disclaimer

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