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THE Dow Jones industrial average measures stock performance.
By some measures, stock market volatility in recent days has reached levels not seen since the 1930s.
By some measures, stock market values are as high as they were at the end of the Internet bubble in 2000, when compared to the size of the nation's economy, said Martin Leclerc, a principal and chief investment officer at Barrack Yard Advisors.
The liberation of capital is one reason the EAFE index, which measures stock market performance in Europe, Australia and the Far East, has returned 14.7% over the past 12 months, compared with 5.1% for the S&P 500.
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By some measures, stocks are cheaper than they have been in decades.
Indeed, by many measures stocks are as cheap as they have been in the last 25 years.
And by some measures, stocks are still grinding their way upward.
I don't know how one measures stocks or flows of credibility.
In December, the S&P 500/Barra Value Index, which measures stocks like those the U.S.T.A. heavily invested in, rose 3.75percentt.
To be sure, investors have bid up stock prices even faster over the last seven years, so that by many measures stocks are fully valued.
By other measures, stocks are also quite expensive; the dividend yield on the S.& P. 500 is only 1.8percentt, well below its historical norm.
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