“The Dow Jones Industrial Average could conceivably hit 17,000 next year, said Wharton School finance professor Jeremy Siegel.
Siegel in February said the popular stock-market measure could hit 15,000 by 2013, as despite gains over the past few years, historical valuations show stock prices have room to rise.
The index closed Monday at 13553.10.
“Going to the 15,000 level, which a few months ago people were very skeptical of that, we’re talking about the end of 2013. We only need to go up 10 percent from current levels. I’m not saying it’s a slam-dunk. Nothing’s a slam-dunk in the market. Odds are 3-to-2-to-1 on that,” Siegel told CNBC.
“The 17,000, when I first gave the prediction late last March, I said it was a 50-50 proposition. But I think that that’s a goal that is very, very attainable given the market circumstances,” Siegel added.
“That’s what the statistics show, that there was almost a 50 percent chance on past historical valuations and periods that the market would reach that 17,000 by the end of next year.”
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