"If Trump resigned tomorrow, Dow would go up 1,000 points" Jeremy Siegel

Fears surrounding President Donald Trump drove U.S. markets sharply lower Wednesday, but longtime bull Jeremy Siegel certainly isn't concerned.

That's because the market rally has been based on the Republican agenda, not the Trump agenda, he said. In fact, he believes Wall Street would prefer a President Michael Pence rather than Trump.

"If Donald Trump resigned tomorrow I think the Dow would go up 1,000 points," Siegel said.

Speculation about Trump's impeachment or resignation heated up after news that fired FBI Director James Comey left a memo detailing a conversation in which Trump allegedly asked him to stop his investigation of former national security advisor Michael Flynn.

That sent equities tumbling. The Dow Jones industrial average closed about 370 lower on Wednesday, while the S&P 500 dropped 1.8 percent. The Nasdaq shed 2.6 percent.

Siegel sees the sell-off as a buying opportunity and thinks tax reform will still get done no matter what happens with Trump.

Source: Bloomberg Pro Terminal

Trader Bozhidar Arabadzhiev

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