The Dow Jones Industrial Average could peak as high as 20,000 four years from now, JPMorgan Chief U.S. Equity Strategist Thomas Lee told CNBC on Monday. He predicted "2,400 [or] 2,500" as the top for the S&P 500 Index in a similar time frame.
Making his bullish case, Lee pointed out in a "Squawk Box" interview that the market has been able to reach multi-year highs, despite investor reluctance to be over-weight equities.
On Friday, the S&P closed above 1,500 for the first time since Dec. 10, 2007. The Dow finished at its highest level since Oct. 31, 2007.