in a high inflation world the Dow crossed 900 97 times between 1965 and 1982, and crossed 1000 65 times between 1972 and 1982. Since 1999 we haven’t had inflation to ease the adjustment as the overall CPI price level is only a third higher.
http://ftalphaville.ft.com/blog/2010/05/27/245436/a-century-long-look-at-the-us-equity-market/
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