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
More Market Intelligence:
CNBC Data Pages:
CNBC's Companies in the News:
- BP Hopes to Repair Image, Shed Assets; Taps New CEO
- GE Settles SEC Charges on Iraq Kickback Scheme
Bank of America
- BofA's Krawcheck Adds to Executive Team
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* General Electric is the parent company of CNBC.
No immediate information was available for Cashin or his firm.