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Dow Jones rises 650 points as stock market rebounds
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Art Cashin says the Fed can’t go back to raising interest rates after easing. “They made a mistake, so to speak, by starting to slow down. They moved from 50 [basis points] All the way down to 25. If you accelerate again, if you go back to 50, that tells the market that there is a good chance that they will make a mistake. It’s kind of an “uh-oh” movement. “They’re going to take to heaven and earth so they don’t have to re-accelerate,” UBS Financial Services’ floor operations manager said in an appearance Friday on CNBC’s “Squawk on the Street.” “But that could mean you’re going to be on the longer side. Three 25s, maybe even four 25s. The Fed is in a psychologically difficult phase here about re-acceleration,” Cashin continued. It followed comments on Thursday from Atlanta Fed President Rafael Bostick who said he was “firmly” in favor of a 25 basis point rate hike, rather than another 50 basis point increase. Officials called for it. Stocks reacted positively to those comments, with all three major averages on pace for a positive week. Regardless, Cashin said he expected trouble in the markets and urged investors to watch some technical levels. The breach of the 4.10% level in the 10-year Treasury yield, as well as the 4025 level in the S&P 500. “It seems to me that the oversold bounce we got from Salesforce yesterday, the effect on the market probably lasts until Tuesday next week,” Cashin said. , and then I think we will return to pressure the market and retest the lows.
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