The will eclipse 2,300 next year as it continues to blow past 2014 targets, a bullish market strategist said on Tuesday.
"We think it's a combination of low interest rates and improved earnings," said John Stoltzfus, chief market strategist at Oppenheimer, on CNBC's "Fast Money: Halftime Report."
The S&P 500, which has climbed about 13 percent in the past year, closed at a record on Monday. But it traded lower on Tuesday, down about 7 percent in the afternoon and lingering at just over 2,080.
The index "blew through" Oppenheimer's original and upwardly revised targets for 2014, Stoltzfus said. He added that economic data show a "good" U.S. economy that should push the upward trend into the new year.
Stoltzfus suggested industrials, materials, technology and consumer discretionary stocks will drive the 2015 rally. Utilities, which helped fuel the 2014 charge, are "considerably rich" right now, he said.