Dow 20K is 'real possibility' in 2016: Jeremy Siegel
The
Wharton finance professor and economist told CNBC's "Squawk Box" that
an interest rate hike by the Federal Reserve would give the market
clarity.
CNBC
Mon, Nov 9, 2015, 3:42pm EST - US Markets close in 18 mins
Dow 20K is 'real possibility' in 2016: Jeremy Siegel
By Matthew J. Belvedere
6 hours ago
Scott Mlyn | CNBC. The Wharton
finance professor and economist told CNBC's "Squawk Box" that an
interest rate hike by the Federal Reserve would give the market clarity.
There is a "real possibility" that the Dow Jones industrial average (Dow Jones Global Indexes: .DJI) could hit 20,000 next year, longtime stock bull Jeremy Siegel said Monday.
Read More Dow 20K? These 3 stocks could it us there
The Dow, S&P 500 (^GSPC), and Nasdaq composite (^IXIC) were coming off their sixth-consecutive positive week for the first time since late 2014.
The central bank has not waited too long to raise rates, he added, but
stressed it's now time. "If we waited too long, we would see the long
[bond] rate raising a lot more, saying ... you're going to have a lot of
inflation in the future. It's been very well behaved."
Months ago, Siegel predicted the Dow would end 2015 at 20,000. It closed on Friday at 17,809.
Siegel predicted two or three Fed rate moves next year.
Investors are trying to figure out whether Friday's strong jobs report
would be enough to push the Fed to increase interest rates for the
first time in nine years at its final policy meeting of the year in
mid-December.
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