Almost every financial and general newspaper or news website has as its headline a story about the record peak of the Dow Jones Industrial Average. The same media appear evenly split on what happens now. Will the market race relentlessly higher, or will economic realities cause it to crash? A small sampling:

CNBC: As the Dow surged to a record high on Tuesday, one analyst has labeled the index the “new safe haven.”

CNN Money: Yes, the Dow may be at an all-time high. And the broader S&P 500 may soon hit a new peak of its own. But the American consumer is still hurting. Do not forget that as you read all the headlines about this record-setting bull market.

Wall Street Journal: Some money managers said they are starting to embrace the stock market’s gravity-defying rally, rather than keep looking worriedly in the rearview mirror at lingering consequences of the financial crisis.

New York Times: Nearly all strategists point out that it is much better to buy at a market bottom than to invest after a record has been set. Nonetheless, for those willing to accept the risk, there are strong arguments, based on history and on market fundamentals, for believing that the bull market may still have room to run.

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