Art Cashin: There's a market 'celebration' despite the delay in the GOP tax-reform plan

  • The market is celebrating despite the delay in the release of the House GOP's tax-reform plan, closely followed trader Art Cashin says.
  • "There are some worrisome things out there, but the market is not concerned," says Cashin, UBS' director of floor operations at the New York Stock Exchange.

The market is celebrating despite the delay in the release of the House GOP's tax-reform plan, closely followed trader Art Cashin told CNBC on Wednesday.

"There are some worrisome things out there, but the market is not concerned," said Cashin, UBS' director of floor operations at the New York Stock Exchange.

"New money for a new month," Cashin added in an interview on "Squawk on the Street." "It's kind of a global celebration of the loose money that's around."

Cashin spoke after U.S. stocks rose to record highs on Wednesday, the first trading day of November. Overseas markets and major commodity prices rose overnight. Investors shrugged off the one-day delay in the release of the tax-reform bill until Thursday.

Cashin said he expects Washington will be an "absolute cauldron of rumors" until the release of the tax plan. "A lot of rumors [are] popping up already," he said. "But, again, none of them have affected the market."

"It is a lack of details" about the tax plan, Cashin added. "Until we get that, I don't think things are going to kick in. So far, all we got is a delay on the tax bill and nothing much besides that."

November should be a strong month for stocks, Cashin said. "It's certainly starting out that way," he said.

"You've got generally easy money around the globe," he added. "There are particular weak links. The amazing thing is that everything is holding together."

The market may be surprised if President Donald Trump doesn't choose Jerome Powell to lead the Federal Reserve. Trump is widely expected to pick the Fed governor on Thursday, according to reports.

"Anything else would be a bit of a surprise," Cashin said.

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