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Traders James J. Marchese, foreground, and Mario J. Florio, center, reacts in the S&P 500 futures pit at the CME Group in Chicago near the close of markets, Thursday, May 6, 2010.
Traders James J. Marchese, foreground, and Mario J. Florio, center, reacts in the S&P 500 futures pit at the CME Group in Chicago near the close of markets, Thursday, May 6, 2010.
(Kiichiro Sato/AP)

SCOTT BARLOW

Do we care about the Dow’s all-time high?

ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.

The Dow Jones Industrial Average set a new all-time high Tuesday, almost exactly four years to the day after the market lows of the financial crisis. Should investors care? Not really. Valuation levels are a far better indicator of future performance.