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U.S. employers cut far fewer jobs than had been expected, the Labor Department said Friday. What's it mean for stocks?
Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his market insights.
The jobs report seemed to look good, Cashin conceded.
"But sustainability is my concern. I think the market will be happy with [the report], but we've got some important resistance to get through here."
Has S&P resistance moved up on the seemingly brighter jobs picture? Cashin believes not.
"You can punch through, but there's further resistance up at 1015, 1019."
He said it's "very important" to see how traders react when the S&P 500 index hits 1007-1011:
"If they hit it and recoil backwards, you might get some accelerated selling."
Where's the US Dollar going? Get Cashin's outlook: watch the full interview.
More Stock Market Opinion:
- This Bank Stock is 'Heart Attack Patient': Charts
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CNBC Slideshows:
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CNBC's Companies in the News:
Citigroup [C
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Ambac Financial Group [ABK
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General Electric* [GE
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Goldman Sachs [GS
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* General Electric is the corporate parent of CNBC.
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Disclosures:
Disclosure information was not available for Cashin or his company.
Data is a real-time snapshot *Data is delayed at least 15 minutes