Well yes, I would expect that in a normal world.
But in this economic climate? With this administration?
People I talk to can't explain why we're doing even this well right now, much less marching to new highs.
Corporations earnings are at an all-time high (in dollar value). That’s why the market is doing well at the moment.
Now, the question can be asked: why are corporations’ earnings so high? Is any of it due to government bailouts, stimulus, loans, etc? Some of it, yes. Much of it because the companies are still running very lean labor-wise and productivity is way,way up. They have learned to make do with much less. That leads to profits. Also, many of the MNC’s are making and selling products overseas.
The economy IS growing—very slowly, despite Obama’s best efforts to kill it. Of course, most of his Obamacare provisions have yet to go into effect, so we’ll have to see.