The Federal Reserve's reluctance to hike interest rates any time soon is a signal to investors to keep buying stocks, Wharton Professor Jeremy Siegel told CNBC.
Siegel is sticking with his prediction of 18,000 for the Dow Jones Industrial Average by the end of the year, as the Dow is just 53 points away from 17,000. The Dow and the S&P 500 closed Friday at record highs again, while the Nasdaq Composite Index climbed to levels not seen in 14 years.
Fed Chair Janet Yellen gave investors the "green light," Siegel said in a "Squawk Box" interview. "That's why the so-called defensive sectors have done well, because I'm going to buy yield if there ain't going to be yield anywhere else."
