Stocks on all three US exchanges soared Monday, following news that the EU and IMF had agreed on a $1 trillion rescue package. What's next for the markets? Art Cashin, director of floor operations at UBS Financial Services, and Peter Costa, president of Empire Executions and a CNBC market analyst, offered their insights.
Cashin is skeptical that the effects of the "European TARP" can be sustainable.
"Is Greece still going to get its allowance, even though it won't clean up its room?"
He said stocks rose due largely to "a massive short-covering. People say they're coming in on the risk trade — well, there is no more risk [to play] now."
Cashin summed up: "It's not how we open today; it's how we close that counts."
Costa sees short-term opportunity, but believes that nothing substantial has changed in markets or economies:
"We're still in the same situation we were in last week," he cautioned.
How would Costa play this market? Watch the video to find out.
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Scorecard: What They Said Last Time...
- Art Cashin's Previous CNBC Appearance (April 26, 2010)
- Peter Costa's Previous Appearance (May 4, 2010)
More from Cashin:
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CNBC Data Pages:
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CNBC Slideshows:
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CNBC's Companies in the News:
Goldman Sachs
Citigroup
BP
Fannie Mae
Ford Motor
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Disclosures:
Disclosure information was not available for Cashin, Costa or their companies.