Put the S&P Index closing price on a logarithmic graph and look at the longest time frame you can. See the trend? What could it be driving that... if it is driven at all? Is it beating inflation in the US? Is it growing faster than our public debt? See for yourself.
(Logarithmic scale is important when the quantity being graphed grows as a fraction of its current value. If that growth is perfectly even, you'll get something that looks like a straight line that way.)
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