Looking at the chart I have to wonder how much of the Stock price increase is due to quantitative easing, i.e. inflation?
A lot goes into determining stock price, but at core a share of stock represents some basic value in the underlying company it represents. Stock companies haven’t doubled their value, but as printed dollars keep watering down value stock prices are running to keep ahead of inflation.
Take a look at the inflated stock prices of Google, twitter, Facebook and Instagram. These are totally free to the user with hopes of clicking on an ad by some. I’ve never clicked on an ad and I know there are millions like me. At some point they will figure this out and prices will crash.