Art Cashin, UBS director of floor operations at the NYSE, says the global growth picture is not very bright, and that's weighing on the stock market.
Central bankers from the U.S. and the U.K,—two countries set to tighten monetary policy as others around the world ramp it up—warned that general economic weakness around the globe could delay an increase in interest rates. That comes a week after the International Monetary Fund cut its global growth forecast, saying growth in the U.S., Europe and Japan could be sluggish for years if governments do not intervene to accelerate it.
"The picture apparently isn't very bright," Cashin said.
Concerns of a worldwide slowdown and worries about Ebola have driven stocks lower since the end of September, pushing down the S&P 500 5 percent from its record high. Travel stocks, like United Continental Holdings and Carnival, were among Monday's laggards after the second U.S. Ebola case was diagnosed over the weekend.
Stocks recovered their losses midday, turning positive after the European close.
"It [the stock market] takes direction from Europe," Cashin said.
Major averages across the pond closed mixed, but finished off their worst levels of the day.
Wall Street may get a better idea of the global economic picture this week as industrial production data from Europe and a report on consumer prices in China will be released Tuesday.