by Calculated Risk on 3/05/2013 04:45:00 PM

Click on graph for larger image.

By request - following the new high on the Dow today - here are a couple of stock market graphs. The first graph shows the S&P 500 since 1990 (this excludes dividends).

The dashed line is the closing price today. The S&P 500 was first at this level in July 2007, just before the recession started. We can't call it a "lost decade" for stocks any more.

Another note: A new high doesn't tell us much. Over the last 50 years (starting in 1963) there were 27 years with new highs. If we excluded the miserable '00s, there were new highs in 26 of 38 years.  So new highs are not unusual.

The second graph (click on graph for larger image) is from Doug Short and shows the S&P 500 since the 2007 high ...