Similarly, over the last few months, a large coffee chain raised the price on its large iced tea from $2.45 to $2.65. That 8.2% gain is pretty close to the Dow's and it occurred in the same time span. Is tea inflation the reason for the stock market's successes?
Granted, any individual who writes about investment markets is likely to interpret the stock market tea leaves. Nevertheless, if we're going to do it... if we're going to imply causation from other events... we'd do better to offer a wider variety of influential factors (as well as the emotions tied to them).
Specifically, there's less fear of European bank failure as measured by declining 3-month LIBOR rates. There's less fear of a double-dip recession in the U.S. after a series of estimate-beating economic reports. There's less fear of a collapse in China with the People's Bank loosening policy with lower reserve requirements. And yes... there may even be less fear of an unknown politician inhabiting the White House in November because the current Administration incumbent is highly likely to have a Republican-led Congress (according to InTrade.com).
Keep in mind, fear can return as quickly as it dissipates. That said, one of the few good reasons to pay attention to mainstream financial media? If you're looking to sell what they are buying. Otherwise, you might as well flip a coin on whether a fast-trading prognosticator will get it right or get it wrong.