The end of the year often marks an uptick for the stock market, with a so-called Santa Rally pushed by brokers offloading dud stocks and buying into performers for a year-end boost. Many on Wall Street say these bullish signals could continue into 2024, with analysts saying they expect to see the S&P 500 topping out at 4700. The famed stock watcher Jeremy Siegel, of the University of Pennsylvania's Wharton Business School, is one of them, saying the Dow Jones could also be in for an "all-time high" in the coming months. There's just one thing standing in its way.
Professor Siegel has long been cautious of the Federal Reserve's approach to rate hikes, often suggesting that the central bank's chairman, Jerome Powell, needs to adopt an element of flexibility into his approach. And in his comment on Wisdom Tree this week, Professor Siegel once again made the argument for moderation of policy.
