The stock market’s rise to record highs after Republican Donald Trump’s presidential victory shows that investors are optimistic that the economy will improve as President Barack Obama leaves office, says Charles Gasparino, author and Fox Business Network senior correspondent.

“His promise to cut both corporate taxes and red tape will translate into higher corporate profits so businesses can expand and create jobs,” Gasparino writes in the New York Post. “Real unemployment can finally decline not because people are dropping out of the workforce but because they’re actually working again.”

Trump will come into office with Republicans controlling the Senate and House of Representatives, making economic reforms a realistic possibility instead of prolonged gridlock. Under President Obama, the U.S. economy never exceeded 3 percent yearly growth for the first time since World War II.

“With the GOP controlling the House as well as the Senate, traders see real economic growth on the horizon, not just a Fed-induced stock-market bubble where interest rates are so low there’s no other place to put your money,” Gasparino says.

There are also troubling signs that Trump is softening his tone on climate regulations and Obama’s health care reforms that have stifled job growth, he says.

“He now professes an open mind about climate change, which might mean he won’t cut environmental regulations that are strangling US businesses,” Gasparino says. “Then there’s Trump’s recently stated intention to possibly just “amend” ObamaCare after campaigning that he would ‘repeal and replace’ the ridiculous quasi-socialist health-care law burdening Americans with sky-high premiums.”

The Organization for Economic Development is optimistic that a Trump presidency will lift the global economy.

World gross domestic product will grow 3.3 percent next year, up by 0.1 percentage point from September’s forecast, according to the Paris-based organization. It also sees the global economy expanding 3.6 percent in 2018, the fastest since 2011.

“In the aftermath of the U.S. elections, there is widespread expectation of a significant change in direction for macroeconomic policy,” the OECD said. “The boost to U.S. final demand also strengthens import growth” and “the stimulus boosts global GDP growth by around 0.1 percentage point in 2017 and 0.3 percentage point in 2018.”