Wharton Professor and Stocks for the Long Run author Jeremy Siegel says he still expects the Dow Jones Industrial Average to reach 15,000 by the end of 2013. “There’s two major factors that are depressing our market, I think, [by] 1,000 to 1,500 points,” he tells CNBC. “One is still Europe,” he said, which has gotten a little better, and the other is the U.S.’s “fiscal cliff”, which he says has gotten worse. Siegel says he thinks Congress will surprise many and finally tackle the U.S.’s deficit problems next year, after the election dust settles. He also says the Federal Reserve needs to do more to stimulate the economy, including dropping interest rates on reserves to zero to encourage lending.
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