Jeremy Siegel, Professor at University of Pennsylvania’s Wharton school, spoke with FOX Business Network’s (FBN) Liz Claman about the stock market and his predictions for the future. When asked whether he thinks the S&P 500 will hit its record high of 1,565, Siegel said, “If I were to put money on it, this week it will happen.” Jeremy Siegel also thinks the Dow will hit 18,000 in 2014.
The video and excerpts below:
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On whether the S&P 500 (.INX) will hit 1,565:
“Yeah, that could come any day. If I were to put money on it, this week it will happen. We know in the short run there is so much speculation but you definitely see the market is gaining adherence money is flowing from the bond funds from the money funds. $3 trillion earning zero. $11 trillion in savings accounts that are earning zero. We don’t have to have that much flow towards the stock market to reach these new highs.”
On how high the Dow Jones Industrial Average (.DJI) could go:
“I said it was 50/50 that by the end of the year we would reach 17,000, people thought I was crazy back then, now it is not looking so crazy. I think by the end of this year we will be in the 16,000-17,000 range on the Dow and 18,000 looks to me 2014 like the best bet goal.”