In a CNBC interview Wednesday, stock market analyst Jeremy Siegel predicted the Dow Jones Industrial Average would skyrocket in the event that Donald Trump were to resign the presidency.
“If Donald Trump resigned tomorrow, I think the Dow would go up 1,000 points,” said Mr. Siegel, a professor at Mr. Trump’s alma mater, the University of Pennsylvania Wharton School of Business professor said, reported MarketWatch.com.
Mr. Siegel’s comments Wednesday came as the markets were reeling, processing processing the latest developments in the ongoing saga over the Justice Department’s investigation of Russian hacking of Democratic campaign resources in the 2016 election. The Dow ended down on the day Wednesday more than 370 points.
The Dow was on the upswing as of Thursday afternoon.
A notoriously bullish investor, Mr. Siegel first predicted the Dow would hit the 20,000-point mark by the end of 2014. That prediction didn’t pan out, however, until Jan. 25, 2017, less than a week after Mr. Trump’s inauguration and just six weeks after the market surpassed 19,000 — the second-fastest 1,000-point jump (42 days) in history, MarketWatch reported.
“One has to remember that the rally since Trump’s election has been based not on Trump’s agenda [but] on the Republican agenda. I would say that 90 percent of the people, investors on Wall Street, and most of the CEOs, would prefer a President Michael Pence, rather than Donald Trump,” Mr. Siegel said, reported MarketWatch. “So, in a way you know what kind a trouble he’d be, might he have to resign, might he be impeached … all that does not derail the Republican agenda, upon which this rally was based.”
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