Art Cashin: US Must Move Wealth from Multinationals to Main Street
Stocks were higher on Tuesday following better-than-expected quarterly results from DuPont—then gains were pared after glum consumer confidence data. Art Cashin, director of floor operations at UBS Financial Services, shared his insights on what to watch for going forward.
“The DuPont numbers were just terrific and that’s what’s giving us a bit of a boost,” Cashin told CNBC.
Stocks posted a strong rally on Monday, boosted by positive sentiment over improvement in new home sales and strong earnings reports.
“Yesterday’s numbers encouraged the markets, but it came with a couple of asterisks because it was a bounce, but it was a bounce from the lowest level in 50 years—so you’ll need more than one bounce to get it moving,” said Cashin. “So we’ll keep checking the numbers throughout the week.”
In addition, Cashin emphasized the importance of helping Main Street by supporting America's small businesses.
"We’ve got to move the prosperity out from multinationals down to some of those NFIB* groups. Small business provides 60 percent of jobs and nearly 50 percent of the GDP," he noted.
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Jun. 26, 2010)
* NFIB: National Federation of Independent Business
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No immediate information was available for Cashin or his firm.