Markets have been “shrugging off” all the recent geopolitical events, said Art Cashin, director of floor operations at UBS Financial Services.
“We’ve got a market that seems to resist everything from earthquakes to nuclear meltdowns, and it seems to be money looking to come in,” Cashin told CNBC.
In the past, Cashin noted that there used to be a “flight to safety into the dollar,” but with the Federal Reserve driving the dollar down, he noted that investors are changing their strategy.
“So what we’re seeing is a flight to safety into the Dow.”
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Mar. 25, 2011)
More Market Intelligence:
- Buy These Stocks—And Avoid These Dow Firms: Pro
CNBC Data Pages:
Thursday's Top Dow Laggards (as of this writing):
Bank of America
No immediate information was available for Cashin or his firm.