The S&P 500 index has managed to stay above the critical 1,200-level, which is giving investors hope that stocks may see “another leg up,” according to Art Cashin, director of floor operations at UBS Financial Services.
“You’re seeing the result of a benign [market] close in Europe, but that might change over the next couple of days,” Cashin told CNBC. “But for now, that’s given us a chance to put in a good technical performance.”
In recent weeks, the European close in the middle of the U.S. trading day has generally correlated to a pop in equities on Wall Street.
In the meantime, Cort Gwon, managing partner and CEO of Hudson View Capital Management, said he is surprised to see the market acting resiliently, despite this morning’s disappointing economic numbers.
“Europe close is a good sign—it definitely helps the rest of the day,” said Gwon. “There's been a lot of investor fatigue...Investors are also waiting for the rest of the economic numbers for the week.”
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No immediate information was available for Cashin or Gwon.