The records keep getting broken on Wall Street and the CEO of Principal Financial Group expects that stock market trend to continue.
“I’m optimistic about 2017,” Dan Houston tells Fortune’s Susie Gharib, adding that U.S. stocks could go up by as much as 8% this year.
Principal is based in Des Moines, Iowa, far from Wall Street, but Houston’s been making the right market moves since he became CEO more than a year ago. Investment assets grew 12% to about $600 billion last year. Principal is a global financial services company ranked number 236 on the Fortune 500 with revenues of more than $12 billion.
Houston cautions that his bullish market call depends on clearer policies coming from the Trump administration in Washington. He says there is “a great deal of concern about uncertain regulations, taxation, immigration. Those all are issues that will be a big challenge for the market to get over.”