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

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, S&P 500 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.

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


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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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