On the eve of the 4th of July the Dow Jones Industrial Average roared above 17,000 for the first time ever.
Can financial markets get any more patriotic than that? The United States of America will be 238 years old on Friday.
The Dow is now up roughly 160% since the Financial Crisis bottomed in 2009.
The market has been resilient over the last five years. Author and investor Josh Brown has a mesmerizing list showing all of the perilous headlines you’ve probably seen on front pages everywhere. Most might think of the crisis in Greece, the Cyprus banking debacle, or the constant fears of inflation and deflation.
But despite any of that, the Dow just went from 16,000 to 17,000 in 152 days. And the NYSE advance-decline line continues to climb higher on a cumulative basis. Here’s a chart showing the Dow’s massive road trip to 17,000 since the year 1914: