The longtime stock bull said the market is trading at 20 times his estimates for this year's earnings. 'That is not unreasonable' but also 'certainly not cheap,' he explained.
would easily crack 30,000 if it weren't for the market uncertainty around the coronavirus outbreak.
The Dow, in early trading, was giving back a chunk of Wednesday's 275-point advance. But it was still less than 2% away from 30,000. The Dow closed at a record of 29,551 on Wednesday. "That is not unreasonable," considering the low interest rate environment, he said. "But it's certainly not cheap." Siegel worries about "momentum players," which had gotten the year off to a roaring start on Wall Street before the mid-January to early February stumble.
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