Dow could approach 25,000 by year-end, trader says

  • The stock market should continue to power higher through the end of the year, with the Dow Jones industrial average potentially nearing 25,000, trader Keith Bliss told CNBC on Friday.
  • The Dow and the S&P 500 both hit record highs on Friday after a strong jobs report. The Dow rose 118 points, closing at 24,329.

The stock market should continue to power higher through the end of the year, with the Dow Jones industrial average potentially nearing 25,000, trader Keith Bliss told CNBC on Friday.

The Dow and the S&P 500 both hit record highs Friday after a strong jobs report. The Dow rose 118 points, closing at 24,329.

"The market's set up very well. The macro data has been very supportive. … We've come off a very good earnings week," Keith Bliss, senior vice president at Cuttone & Co., said in an interview with "Closing Bell."

"As long as things continue to be accommodative, as long as the narrative inside of Washington continues to move the right way, I think you're going to see this needle point higher and I would not be surprised at all if we see Dow approach 25,000 by the end of the year," he added.

Traders work on the floor of the New York Stock Exchange (NYSE) at the closing bell, November 30, 2017 in New York City. On Thursday afternoon, the Dow closed at over 24,000 points for the first time in its history.
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Traders work on the floor of the New York Stock Exchange (NYSE) at the closing bell, November 30, 2017 in New York City. On Thursday afternoon, the Dow closed at over 24,000 points for the first time in its history.

The Senate and House are working on reconciling their two tax bills before sending a final version to President Donald Trump. Republicans have said they want the legislation signed before the end of the year.

The promise of tax reform has helped boost stocks, and that has some wondering if the bill's signing will be a "buy the rumor, sell the fact" event.

Sam Stovall, chief investment strategist at CFRA, told "Closing Bell" that investors will be wondering what the next catalyst will be for earnings.

"With tax cuts probably behind us by the end of the year the focus will go toward infrastructure spending, something again the president had campaigned on," he said. "That could end up continuing to support optimism."

Trump is expecting to move forward with his massive infrastructure program next year, with details possibly released before the president's State of the Union address, an official told CNBC on Thursday.