Goldman Sachs reported a better-than-expected fourth-quarter net incomeon Thursday, but shares of the banking giant were lower. What does it mean for the markets? Art Cashin, director of floor operations at UBS Financial Services, shared his insights.
“People were anticipating good numbers [from Goldman] so people were buying in” before the earnings report, Cashin told CNBC.
“Plus...financials are worried about Washington and the rest of the world is worried about China.”
“The idea that China was telling everyone to stop lending until the end of the month shook global markets yesterday and caused the dollar to rise,” he continued.
“And that sent gold, oil and the stock market much lower.”
In the meantime, Cashin said he is focusing on the jobless claims data, which unexpectedly rose last week as claims delayed from the year-end holidays were pushed through.
“Everyone’s talking about it being a jobless recovery and what happened in Massachusetts wasn’t so much a slap to the Democrats as a plague on all your houses,” he said. “All the incumbents should all feel a little concerned…I don’t think it’s going to get much calmer or prettier.” (Counterpoint: Pisani Says Correction Fears Are 'Overblown')
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No immediate information was available for Cashin or his firm.