The euro zone crisis remains a “key issue” for investors, said Art Cashin, director of floor operations at UBS Financial Services.
“This weekend could be critical and I think it will be interesting to see how the U.S. traders will play the final hour,” explained Cashin. “There’s no reason to be aggressively long" ahead of the weekend.
Stocks tumbled in another volatile session Fridayas investors continued to fret over the ongoing euro zone crisis and as optimism over the stronger-than-expected government jobs number faded.
The day’s sell-off follows Thursday’s sharp market plungewhere the Dow plummeted more than 500 points, its worst one-day drop since December 2008, as investors were rattled over an intensifying global economic slowdown.
Meanwhile, stocks today were also pressured amid market rumor that Standard & Poor's is planning on downgrading the U.S.’s credit rating after the Friday’s market close.
The rumors "had an impact on the market rolling over somewhat, but I don’t think they were rampant on Wall Street,” said Cashin.
Looking ahead to next week, he said traders will be focusing heavily on Tuesday’s FOMC
meeting. Investors will be watching for any hints of further quantitative easing from the Federal Reserve , which will likely give a boost to stocks.
CNBC Data Pages:
Top Dow Laggards:
Bank of America
No immediate information was available for Cashin or his firm.