Veteran stock analyst Ed Yardini predicts the S&P 500 will smash new records this year and continue hurdling ahead through 2029, when it will reach 10,000, Barron’s reports.

That’s up from the 8,000 he forecast on Oct. 18 for the S&P 500 by the close of the 2020s decade.

Wall Street is rejoicing that the uncertainty over the 2024 presidential election is over, as well as President-elect Donald Trump’s promise for tax cuts and deregulation. It’s those tax cuts that Yardini sees driving solid profits for companies in the S&P 500, he wrote in a client note Sunday.

He also expects Trump will move quickly to lower the corporate tax rate from 21% to 15%.

Leading the charge, Yardini believes, will be a productivity boom among U.S. technology companies.

For year-end 2024, Yardini sees the S&P 500 reaching 6,100. For 2025, he foresees 7,000, and for 2026, he predicts 8,000.

The S&P 500 closed at 5,995.6 on Friday, briefly surpassing 6,000 in intraday trading.

“Animal spirits are back,” Yardini wrote. “We also expect that animal spirits will intensify as the wars between Russia and Ukraine, and in the Middle East, are resolved sooner rather than later.”

Already this year, the S&P 500 has closed at 50 record highs — driven by outsized gains at Alphabet, Amazon.com, Apple, Berkshire Hathaway, Broadcom, Meta Platforms, Microsoft, Nvidia, and Tesla.

According to Apollo Global Management Chief Economist Torsten Slok, in the 70 years between 1954 and 2024, the stock market has closed at record highs an average of 18 times.