let's ask the wharton school jeremy siegel. professor, we may make history as we have this conversation. i'm going to break away for a minute, but what do you make of this market? >> scott, it's almost amazing. we are a few weeks away from the fifth -- 50th anniversary of the financial crisis low, you might remember in march of 2009 when the snp sank down to 666 and now we are within a point or two of 5000 -- 5015 years later. that is -- 16% -- over 16% annual rate of return for 15 years. it's really quite a marvel. >> it is. you mentioned six and present for annual rate of return. since november 1st when this last 5k started, the dow is up 17%. the s&p is up 90%, nasdaq is up 23, even russell is up a nice 18%. too much? too much exuberance or not? >> we are not going to repeat that. i think the s&p is going to be much more mute. this year, at the very beginning on january 1st i said about it, 10, 12%. we are up five right now and we are not even halfway through february. i think we got a little more to go. five to 8%, maybe. b

we asked the wharton professor, jeremy siegel, from your neck of the woods around philly, is the market too reliant on rate cuts? he said, no. listen. >> at this particular point, i don't see the need for the fed to lower. take a look at all the real indicators. they haven't slowed down. even the advance indicators have not slowed down. i think inflation is under control. we'll have a lowering of rates. i'm not saying this bull market at all depends on the rates being lowered in march or really even in may. >> is that factual, kevin simpson? do you agree with the professor? >> 100%. it has to be. in december we came in 100% saying there's going to be a rate cut in the first quarter, seven, eight rate cuts this year. the market will fall off a cliff. the march rate cut in the rear-view mirror and now potentially a coin flip. we have an economy that's still strong. the labor mark that's robust. these aren't last year where they're better than feared. the earnings are good. i think we need to see rate cuts this year but i don't think we're reliant on seeing them immediately and en masse. t

will ask market watcher jeremy siegel when he joins us in just a moment.ard with a 60 minutes to go in regulation because it looks like this. look at the s&p 500. we are three points away from that 5000 level. we have been hanging around for much of the day but it looks like we may make a move here in the final stretc

jeremy siegel is going to join me once again.et is at that particular time. take it right up to the close with dr. siegel. joe t. also joining me today. let's do "final trades." what you got? >> dividend aristocrats. this is an etf that tracks the index. if you're going to pay a high dollar amount, pay for quality. these are stocks that have paid a dividend for 25 consecutive years. it's not all defensive industrials. >> you should havejenny's face. >> columbia bank shares. 7.8% yield, dragged down unfairly because of new york community bank. >> tesla, i'm doubling down on my call here. but position size with patience. there will be volatility. >> uber. >> thanks, everybody. see you on "closing bell." "the exchange" is now. >>> scott, thank you very much. i'm tyler mathisen in for kelly evans today. here's what's ahead. there was enough magic in disney's report to finally become a buyer. it's been years. she's back with what did it, and where she sees the stock moving from here. >>> plus, the s&p may be nearing a record, but ther

jeremy siegel, the wharton professor was on with me yesterday and said this is not like 1999. listen to what he told me. i'll get your reaction. when >> it's not worse than 1999. but one thing is very, very different. it's important. we had s&p's selling at 30 times earnings. at the beginning of 2000. and the tech sector even far more than that. 60, 70 times earnings. and by the way, interest rates were higher than they are today. today we're selling at 20 times earnings. now, that's not cheap, certainly, it is not a situation like 1999 or 2000. >> all right, you don't like when i mentioned the strategist. you rip on them. i bring out the professors. >> look, i don't rip on the strategists, i think it's just when you force people to make a two-week market called they tell you with confidence they can do it when they demonstrably can't. it's not also. no, it's not 99. i don't think companies get a run at a capital spending if on the projects. i think everybody companies investing in productivity and efficiency. and i think the market deserves an aggregate to trade where it is.

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that's what profession professor jeremy siegel told me the other day.hat he says as he remains bullish, and not reliant on rate cuts. >> at this particular point i don't see the need for the sad to lower. look at all the real indicators. even the advance indicators have not slowed down. when they begin to slow down to that, and inflation is under control. which i do think it is. i'm not saying that that bull market depends on the rates being lowered in march or even in may. >> do you agree or disagree with the professor? >> i agree that a strong economy is obviously a bullish thing for stocks. the issue here is that a strong economy also keeps inflation higher, and it prevents inflation, and disinflation from broadening out into all the areas we need to see. is lengthening, and elongating this waiting. if one were going to actually see the fed able to come off their hiking path. i think the fed is going to have a lot more ability to wait than the market is. a lot of this market move has been predicated on the idea that the cpa came down. a lot of people