Art cash desk
David A. Grogan | CNBC
The S&P 500 hit an all-time high early Thursday, but longtime trader Art Cashin told CNBC that it will be adopting a wait and see attitude before determining whether stocks will enter a steady upward move.
“The market is a great eye-catcher here,” said Cashin at “Squawk on the Street”. “They go up, look like they’re breaking out, and then they hesitate. You withdraw into this rectangle [trading range]so we’ll test it for a few days and see what happens. “
The S&P 500 was up about 0.3% on Thursday. The broad stock index was up about 1% last month, compared to up about 4% for the tech-heavy Nasdaq Composite.