Siegel spoke shortly after the Dow Jones Industrial Average on Thursday hit its first record high since Jan. 26 as a decrease in U.S.-China trade war fears lifted the 30-stock measure.
Shortly after the January highs, stocks plummeted into early February after a higher-than-expected wage number in January’s jobs report sparked fears of inflation and rising interest rates. Wall Street eventually bottomed out on Feb. 8, briefly plunging in and out of 10 percent correction territory. The Dow took out its February low on March 23, before heading higher in fits and starts.
Siegel said the market’s recent run is nothing short of amazing. The Dow has been up in six of the past seven sessions, while the S&P 500 has gained in seven of the past eight trading days.
We could also be “in the very early stage of another short-term bull run here,” he said.
Siegel said the market expects that President Donald Trump‘s dispute with China will not result in a full fledged trade war. The Chinese reaction has been pretty muted so far, he said.
The trade conflict between the U.S. and China heightened Monday evening after the Trump administration announced it will impose 10 percent tariffs on another $200 billion worth of Chinese imports.