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What Does Art Cashin Say About the Dow Jones

Written By Sunday, May 8, 2022 Add Comment Edit
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Fine art Cashin: I've been on Wall Street for l years and this looks similar a marketplace lesser

Art Cashin: I've been on Wall Street for 50 years and this looks like a marketplace bottom
The stock market appears to exist searching for its everyman point afterwards a two-day plunge, closely followed trader Art Cashin told CNBC on Tuesday.Cashin, 76, UBS director of floor operations at the New York Stock Commutation, cited his decades of feel on Wall Street to support his case. "Markets remain thin, and they remain volatile," Cashin told " Squawk on the Street ." "And quite bluntly, subsequently doing this for 50 years, that's just what you need for a bottoming process to succeed." Investors should non jump ahead of themselves, Cashin contended. "Let the market tell you lot where information technology's going by zigzagging back and forth and holding the previous levels." Stocks traded in a broad range Tuesday every bit the major indexes tried to recover from a sell-off. The Dow Jones industrial average (Dow Jones Global Indexes: .DJI) traded higher shortly afterwards the open before turning negative again, trading downwardly as much as 900 points early Tuesday. Mon was the worst day for the Dow and S&P 500 (Alphabetize: .SPX) since August 2011 as well as the biggest single-mean solar day betoken drop for the Dow in history. The Dow broke below 25,000 and erased its 2018 gains. Cashin said terminal week that the wage number in January'due south stronger-than-expected jobs written report was unhelpful to an already worried stock market. Earlier the jobs report, investors were concerned about ascent involvement rates and political gamble, Cashin said, including the release of a Republican memo alleging FBI bias against President Donald Trump . On Monday afternoon, Cashin said the market " snapped like a twig " and the roller-coaster ride is probably not over. Cashin began his career at Thomson McKinnon in 1959. In 1964, at historic period 23, he became a fellow member of the NYSE and a partner in P.R. Herzig & Co. Disclaimer The stock market appears to exist searching for its everyman point after a 2-day plunge, closely followed trader Fine art Cashin told CNBC on Tuesday. Cashin, 76, UBS director of floor operations at the New York Stock Commutation, cited his decades of feel on Wall Street to support his case. "Markets remain thin, and they remain volatile," Cashin told " Squawk on the Street ." "And quite bluntly, after doing this for 50 years, that's just what you demand for a bottoming process to succeed." Investors should not jump ahead of themselves, Cashin contended. "Allow the market place tell you where it'south going by zigzagging back and along and holding the previous levels." Stocks traded in a broad range Tuesday equally the major indexes tried to recover from a sell-off. The Dow Jones industrial boilerplate (Dow Jones Global Indexes: .DJI) traded higher before long subsequently the open before turning negative again, trading downwardly every bit much as 900 points early Tuesday. Mon was the worst mean solar day for the Dow and S&P 500 (INDEX: .SPX) since August 2011 as well as the biggest unmarried-day point drop for the Dow in history. The Dow broke beneath 25,000 and erased its 2018 gains. Cashin said last week that the wage number in January's stronger-than-expected jobs written report was unhelpful to an already worried stock market. Before the jobs report, investors were concerned about ascent interest rates and political risk, Cashin said, including the release of a Republican memo alleging FBI bias against President Donald Trump . On Mon afternoon, Cashin said the market " snapped like a twig " and the roller-coaster ride is probably not over. Cashin began his career at Thomson McKinnon in 1959. In 1964, at age 23, he became a fellow member of the NYSE and a partner in P.R. Herzig & Co. Disclaimer

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Source: https://finance.yahoo.com/news/art-cashin-apos-ve-wall-162356119.html

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