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With week of 'Earth-shattering economic events' underway, long-time bull Jeremy Siegel says Dow 24,000 is almost here

Professor Jeremy Siegel on what could take the Dow to 24,000
Professor Jeremy Siegel on what could take the Dow to 24,000

He led the rally cry for Dow 20,000, and now Jeremy Siegel is calling for another market milestone before January.

"I think we're going to get to 24,000," the long-time bull said Tuesday on CNBC's "Trading Nation."

The Wharton School finance professor's latest comments came as the Dow, and Nasdaq were locking in their best month since February and with a string of vital economic announcements marking up the calendar. The Dow closed at 23,377.24 on Tuesday and was climbing in Wednesday's premarket.

"I have almost never seen a week with this many Earth-shattering economic events," Siegel said.

A key driver will be a viable tax reform package, according to Siegel. Republicans had planned to unveil their highly anticipated tax reform bill on Wednesday, but delayed it a day to Thursday.

"We are going to see the tax cut. That's going to be very important," Siegel said.

Siegel argues that tax reform isn't completely priced into the market because it's been mostly speculation.

"I think half of it is going to be corporate taxes. And if it looks like they've [the Trump administration] got those Republicans on board, I think we've got another push in the stock market," said Siegel.

Taxes is the only issue catching Wall Street's attention. The Federal Reserve makes its decision on interest rates on Wednesday, President Donald Trump is expected to announce his choice for Fed chair on Thursday and the government releases the October employment report on Friday.

When it comes to the next Fed governor, Siegel said: "The betting market is like 7-1 for Jerome Powell. And, so they're getting used to that idea. I think they're fine with that idea. I think they'd be fine with Janet Yellen."

Siegel's forecast has been pretty spot on in 2017. As late as Sept. 20, Siegel predicted that stocks could rally another 10 percent into the end of the year. Since then, the Dow has climbed by nearly 5 percent, and there's still time left.

Based on Siegel's latest forecast, a less than 2½ percent rise would bring the Dow to his 24,000 year-end target.

As for the next leg up, he sees it a bit more challenging.

"The next thousand is going to be a little tougher to 25. We have a lot of gains that I think will be digested," Siegel said.

Jeremy Siegel on the Fed chair decision, the Dow's next move and more
Jeremy Siegel on the Fed chair decision, the Dow's next move and more

Correction: This story was revised to correct the Dow's closing price on Tuesday.