Stocks opened lower on Thursday after the Dow closed above 10,000 on Wednesday for the first time since last October.
Art Cashin, director of floor operations at UBS Financial Services, said the 10,000 number is not that significant and offered his market outlook.
“Yesterday was a good day for bullsand a great day for hat makers,” Cashin told CNBC.
“There was some artificially induced euphoria…It’s only about the 29th time we’ve crossed 10,000 so it’s not that significant—We did it 10 years ago.”
Financial giants Goldman Sachsand Citigroupreported earnings that disappointed investors' demands for a real turnaround.
“I think Goldman, because of the whisper numbers, was a little bit of a disappointment,” said Cashin.
“So we’re having a little bit of a pullback here, but nothing big."
CNBC Data Pages:
Cashin commented on the weekly jobless claims numbers, which fell to their lowest level since January.
“If you put things in perspective, initial jobless claims mean people who just got laid off and it’s over 500,000 and it keeps going,” he said.
“At some point, you’re going to have so many people laid off that the claims have to go down because there’s almost nobody left to fire so you have to be careful of looking at that number. It’s still eating away.”
“This is going to be a long, hard slough—this is not going to be a V-shaped recovery.”
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No immediate information was available for Cashin or his firm.