New U.S. claims for jobless aid fell to a 10-month low last week. What does this herald for stock markets? Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his insights.
Cashin noted that the jobless claims number of 512,000 was "better than some rumors late yesterday" — rumors which he says dragged markets down before the close.
But he's refraining from popping champagne corks "as long as [claims] stay above 500,000. They're not going to start hiring until they stop firing."
Cashin addressed the Federal Reserve's Wednesday announcement that it'll hold interest rates steady for months to come.
"They took the Hippocratic oath: 'First do no harm.' Minimal change at best. It's pretty clear the Fed doesn't believe in the recovery yet."
For Cashin's take on hyperinflation fears and Treasury bill auctions, watch his full interview.
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Disclosure information was not available for Cashin or his company.