New weekly claims for unemployment benefits unexpectedly rose last week, according to a government data Thursday. Stocks seesawed, trimmed their losses after a weak open—then slipped again. Art Cashin, director of floor operations at UBS Financial Services, discussed his insights.
“I’m surprised by the muted reaction [markets] are having for a couple of reasons: This is a real-time number, fresh data—a lot of the other things we’re looking at are rear-view mirror,” Cashin told CNBC.
“I think the market’s [behaving] somewhat hopeful.”
The jobless claims data comes ahead of the government's July jobs report, scheduled for Friday. Economists expect to see that 65,000 jobs were lost from nonfarm payrolls, according to the latest Reuters survey.
“[Markets] may have a little room to go higher, but we’re forming a top here and we’ll keep an eye out for that next week,” said Cashin.
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Aug. 4, 2010)
More Market Views—Across the Board:
CNBC Data Pages:
Thursday's Dow Gainers (as of this writing):
Procter & Gamble
No immediate information was available for Cashin or his firm.