Stocks opened below the Dow 10,000 level Tuesday, but rallied after a stronger-than-expected consumer confidence report. Trading volume has also been particularly low this August: the NYSE consolidated volume this month was 31 percent below average daily volumefor August 2009.
Art Cashin, director of floor operations at UBS Financial Services, discussed his market outlook.
“Yesterday, London was closed and holding up on the data, so that suppressed the volume,” Cashin told CNBC. “And people are waiting to see what kind of data’s coming up.”
Cashin said volume should start to tick up starting next week, as value starts to rise and investors look to put new money in for the new quarter.
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Aug. 30, 2010)
More Market Views—Across the Board:
- Short S&P When 1,030 Support Is Breached: Charts
- US Indices' Worst August Since 2001?
- Scared of Stocks and Bonds?—Invest Here Instead: CIO
CNBC Data Pages:
Tuesday's Top Dow Gainers (as of this writing):
No immediate information was available for Cashin or his firm.