NEW YORK (TheStreet) -- The Dow Jones Industrial Average is higher while the S&P 500 and Nasdaq are both lower on the day. Peter Cardiollo, chief market economist at Rockwell Global Capital, told TheStreet's Debra Borchardt volume has been relatively light in 2014 until today, when volumes are higher than usual.
Cardillo explained that the monthly options expiration day could likely have a big role in the increased volume. Options expiration may also be responsible for the back-and-forth action we've seen in the indices the past several trading sessions.
Regarding the much lower-than-expected nonfarm payrolls report for December, Cardillo said it will likely be revised higher next month. He called the report a "fluke" and suggested that it would not change the trend of the labor market. He added that the labor market continues to improve.
Friday's consumer sentiment numbers weren't as strong as expected, he admitted, but they were still pretty strong. Also, earnings season should be "okay" and comprised of healthy financial reports.
Cardillo said he wouldn't be surprised to see the Dow and S&P 500 make new all-time highs by the end of Friday's trading session.
-- Written by Bret Kenwell in Petoskey, Mich.