Published: Wednesday, 8 Jul 2009 | 12:58 PM ET Text Size By: CNBC.com
The Dow, S&P and Nasdaq each gained Wednesday, led by commodity stocks; Alcoa is poised to report earnings after the bell. Oil fell on economic fears as some called for controls on speculation-driven prices.
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market outlook.
Cashin reiterated his belief that another government stimulus package would be useless — because the first package was "part illusion, part hoax." And now that the economy's problems seem to be continuing, "the fire extinguisher's empty," he said.
Cashin believes the current stock rally will be short-lived.