Art Cashin: Watch This New S&P Support Level
Stocks rose Friday after a reading on economic growth came in better than expected. Art Cashin, director of floor operations at UBS Financial Services, and Peter Costa, president of Empire Executions and CNBC market analyst, discussed their market outlooks.
“We met resistance at 1,059 to 1,064 [on the S&P 500] that held us back for two straight days and so that will be an important level to watch,” Cashin told CNBC.
“And probably down around 1,039 to 1,044—that’s the support level.”
In the meantime, Costa warned that the market is likely to trade near the Flash Crash levels of May 6.
“There’s going to be some disappointment,” Costa told CNBC. “[But] I won’t be disappointed—I’m still fairly negative on the economy and the market and I do think we’ll be bouncing off 1,040 on the S&P.”
Scorecard—What They Said:
- Cashin's Previous Appearance on CNBC (Aug. 26, 2010)
- Costa's Previous Appearance on CNBC (Aug. 24, 2010)
Market Views—Across the Board:
CNBC Data Pages:
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No immediate information was available for Cashin or Costa.