I am well aware that the S&P 500 and other broader market indexes are more representative of the U.S. stock market as a whole, but they tell the same basic message as the Dow and have less impact on popular opinion and political sentiment.
In my humble opinion, the stock market is still grossly overvalued and is certainly due for at least a correction (i.e. a 10% drop from its most recent peak). The pandemic has created Great Depression level rates of unemployment, GDP contraction, loan defaults, rent non-payment and business failure, and international trade shrinkage. This is not just confined to small businesses. And, we are not out of the woods yet. This poses a threat to big business equity that the market is underestimating.