nominal price

Adjusted for inflation, the current stock market hasn't recovered nearly as much as it seems if you look at only nominal prices. At best, you've gained just 3.6%. But more likely, you're down by some 23%. And if you measure the Dow in something other than dollars -- say, oil or silver -- the return is even more distressing.

No wonder stock market cheerleaders don't want us to look at 2009's Dow 10K in terms of purchasing power: The results are sobering. For example, 1999's Dow 10K bought 8,300 gallons of gasoline, but 2009's version buys just 4,000.