The move from the S&P 500 to a new record may be “slightly suspect”
David A. Grogan | CNBC
the S&P 500 hit an all-time high early Thursday, but a long-time trader Art crate told CNBC he was taking a wait-and-see approach before determining whether stocks were entering a steady bullish movement.
“The market is a good match here,” Cashin said on “Squawk on the street.” “They go up, it looks like they burst, then they hesitate. They retreat into this rectangle. [trading range], so we’ll give it a few days of testing and see what happens. “
The S&P 500 was up about 0.3% on Thursday. The broad stock index has gained around 1% over the past month, compared to a gain of around 4% for heavy tech Nasdaq Composite.