Although US stock markets opened strong on Monday on high hopes, reality set in as stocks descended into choppy trading later, said Art Cashin, director of floor operations for UBS Financial Services.
Investors’ hopes were pinned to three things: a solution to Libya’s political turmoil, movement on the issuance of euro bonds and positive news from Federal Reserve Chairman Ben Bernanke. But Cashin said investors are beginning to realize that "at least two" of those hopes are not going to pan out.