The NY Times ran an eye catching graphic earlier this week in honor of the S&P500 finally reaching the level set at the close of the previous decade (Dec 31, 1999, otherwise known as the beginning of the end of the bubble). It re-indexes the market by currency, and provides a good picture of the impact of dollar devaluation as well as rising commodity and housing prices.
Conclusion? The market gains of the past few years have not been what they appeared.
Hat Tip: The Big Picture