Stocks advanced at the open Thursday, then turning mixed, after weekly jobless claims fell more than expected. Art Cashin, director of floor operations at UBS Financial Services, shared his market outlook.
“The market’s reacted to the initial claims a little more strongly than expected and on a technical side, we’re looking at resistance on the S&P first at 1,234 to 1,237—and if we break through there, up at 1,242 to 1,246.”
In addition, Cashin noted that the annual “Santa Claus rally,” where stocks surge in the week between Christmas and New Year's Day, has been coming earlier each year.
“Any good news will spark a rally, but we’ve already seen a part of the Santa Claus rally already in the 5 percent move we’ve seen in the previous two weeks.”
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Dec. 7, 2010)
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- Tax Strategy and Stocks: Play the 'January Effect'—Now?
CNBC Data Pages:
Thursday's Dow Gainers (as of this writing):
Bank of America
No immediate information was available for Cashin or his firm.
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