Recapping the day's news and newsmakers through the lens of CNBC.
Based on corporate earnings projections, stocks still have plenty of room to rise. That's the message from Wharton finance professor Jeremy Siegel. Currently around 16,000—a record Siegel predicted way back in January—the Dow could go to 18,000, though Siegel says it's impossible to predict how soon. Earnings are up 10 to 12 percent this year, and are predicted to rise around 8 percent next year. Historically, great years like 2013 tend to be followed by pretty good years.
Still, corporate America has been squeezing profits from a stone, given the lackluster economic growth, and there are no signs of any dramatic change coming soon. The Federal Reserve of Philadelphia said today that 42 forecasters in its survey predict growth at an annual rate of 1.8 percent this quarter, down from their previous estimate of 2.3 percent. For the first quarter of 2014, they're now calling for 2.5 percent, down from 2.7 percent estimated earlier.
"It doesn't mean that we're going to get there right away or we're going to get there in a straight line. We've had a long time without even a 10 percent correction... [But] I don't think this bull market is over yet."—Wharton finance professor Jeremy Siegel
"We reiterate our belief that the great equity rotation, which we first discussed in August of 2012, is unfolding and there is no alternative to equities."—Craig W. Johnson, technical market strategist at Piper Jaffray