Jeremy Siegel Still Sees Dow 17,000
By Bruno J. Navarro | CNBC ? Fri, May 31, 2013 6:37 PM EDT@cnbc on
Stocks have not yet broken out of their long-term upward trend, keeping the Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) on track to reach an all-time high of 17,000 in 2013, Wharton School economics professor Jeremy Siegel said Friday.
For the market to be down "only a couple of percentage points" was "huge," he said, calling it "a sign of strength."
On CNBC's " Fast Money ," the stock market bull said that the market was in a bit of a win-win situation now with regard to the Federal Reserve's monetary policy.
If economic data remains weak, the market will see it as a sign of continuing quantitative easing, which would be positive for stocks, he argued. In the event of strong economic data, that would bode well for the stock market in the second and third quarters.
"I like the market here," he added.
The bullish professor of finance maintained his Dow target of 17,000 for 2013. He previously said that the index could hit 18,000 by the end of 2014 .
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