Pro Analysis

Breakingviews: Dow 20,000 is the market’s version of fake news

A trader wearing a 'DOW ALMOST 20,000' hat works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Dec. 21, 2016.
Michael Nagle | Bloomberg | Getty Images
A trader wearing a 'DOW ALMOST 20,000' hat works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Dec. 21, 2016.

America's post-election stock rally has pushed the Dow Jones industrial average to new highs, leaving the blue-chip benchmark within a whisker of 20,000. Breaching that level appears imminent, but it's virtually meaningless. Other factors — PE ratios, growth rates, fiscal stimuli, tax rates and the dollar's value — will ultimately determine whether the aging bull market can flex new muscles.