Art Cashin: Dollar Fall Can 'Destabilize Markets' Like 2008
Stocks gained Thursday after Alcoa posted strong earnings and jobless claims fell. But the US dollar fell against a basket of currencies as investors sought riskier assets.
Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his market insights.
Is the sliding US dollar in a "disorderly decline"? Cashin replied strongly:
"It better not be."
"If people start actually dumping the dollar...I think it will destabilize markets, somewhat reminscient of last year."
He said markets should remain resilient if the dollar's drop occurs via a "'drip, drip, drip' trickle mode — rather than plunging sharply."
Cashin also voiced "misgivings" over trader euphoria about Alcoa financials.
What was Cashin's "important" resistance number for the S&P today? Watch the full interview to find out.
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Disclosure information was not available for Cashin or his company.