Stocks rose Wednesday as gains in financials and energy helped offset concerns about the economy. Art Cashin, director of floor operations at UBS Financial Services, shared his market outlook.
"I'm surprised [shares] held up as well as they did in the face of the run on the drop on mortgage applications," he said.
"Eight in the nine last weeks says we're going to have more trouble in housing. But I think this may be somewhat currency related — the dollar has somewhat calmed down here."
Employment data this Thursday will be critical for the markets, he told CNBC.
"The initial claims have proven — as we saw in the payroll data — to be a bit more accurate," he said. "So people are really going to hone in on that."
Meanwhile, the heat wave on the east coast will have little to no effect on trading, Cashin believes.
"Most of the trading desks are air-conditioned, so I think most people will be there," he said. "Maybe later today when the soccer match comes on, it may slow down."
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Disclosures:
No immediate information was available for Cashin or his firm.
