CNBC: The Wharton School’s Jeremy Siegel believes it’ll have a lot to do with President Donald Trump’s intention to get business-friendly reforms passed on Capitol Hill — not the latest Federal Reserve decision on interest rates or better-than-expected economic growth figures.
“I would say corporate tax reform could add another 10 percent to the market even this year,” Siegel said Wednesday on CNBC’s “Trading Nation.” A deal “looks very likely to get done.”
It’s the second time in less than 12 months that Siegel, a longtime bull, has made a bold market call. And it came on a day when the Dow and S&P 500 closed at record highs.
CNBC: Nothing much seems to be rattling one of Wall Street’s biggest bulls these days — even as North Korea, drama on Capitol Hill and a second major hurricane in less than two weeks dominate the headlines.
“I remain optimistic,” Oppenheimer’s John Stoltzfus said Wednesday on CNBC’s “Trading Nation.” “There’s always trouble in the world.”
The strategist said nuclear threats are not unusual — pointing out that China and Russia have been heavily armed for decades.
“We don’t believe we’re headed into a period which will see the markets turn chaotic from here to the end of the year,” Oppenheimer Asset Management’s chief investment strategist said in a note to CNBC. “That said, we don’t expect the market to take off in a straight line higher.”
But he’s predicting the S&P 500 will end the year at 2,650. That’s 7 percent higher than current levels. Based on a CNBC survey of 16 strategists, he’s the Street’s second-biggest bull.