Big bull and well-known finance professor from Wharton School of Business Jeremy Siegel was on CNBC to discuss his views on the U.S. stock market, recent housing data and his outlook for the U.S. stock market in light of the recent rally in U.S. stocks. Jeremy is also author of well-known investing book, "Stocks for the Long Run."
-- Housing data shows that recovery in the U.S. economy is for real and will drive stock markets further up.
-- Housing recovery will add 1 to 1.5 points to GDP growth next year.
-- Any extension of tax cuts and postponement of the fiscal cliff will drive a huge rally, maybe adding 500 points to the Dow.
-- Re-election of President Obama will not be a major negative for the market.
-- Predicts Dow to be above 17000 by end of next year. Low interest rates and recent recovery will drive multiple expansion driving the Dow up.
-- There is a potential five-year bull market ahead.
Here is the video: