From The Atlantic:
Since the bleakest hours of early 2009, the stock market has clawed, scampered and inched higher — with some notable slips. Now that venerable equity market metric — the Dow Jones Industrial Average — has summited 14,164.53, its all-time highest close, in nominal terms, and last seen way back on Oct. 9, 2007.
Terrific! A rising stock market helps Americans rebuild the wealth destroyed by a banking crisis, market meltdown and recession that clobbered their retirement accounts and gutted home values. Ascending stocks also bode well for consumer spending, as there is the well-documented “wealth effect” that helps people feel better about opening their wallets. (Of course, no-one knows whether stocks are setting up base camp for a fresh ascent, or are going to reach a ledge and then jump off the cliff. Also, it’s worth noting that the S&P 500 stock index, a broader gauge of US equities, still has a little ways to go before matching its all-time high close of 1565.15, also set on Oct. 9, 2007.)
Even so, let’s just put the snark on hold for a second and appreciate the view from the peak. (This is a snapshot from not long after the open.)