Nixon:
By many surveys, more than half of Americans have some form of retirement savings, either an IRA or 401(k), so a great many of our fellow citizens are enjoying some growth in their wealth. Sadly, many have little or no investment acumen or direction, so end up designating their contributions to a money market account or into Treasuries (both of which are doing well now in terms of current yield, but probably not for long).

You are right that Wall Street is not Main Street, and the stock market is not the economy. The market is a reflection of expectations for future performance by public firms, and current expectation is that those firms will continue to meet or exceed profit expectations. That performance occurs when consumers spend, either directly or indirectly on the goods and services produced by the US Economy at large.

Yesterday I visited a grocery-anchored retail center on Long Island, as part of the due diligence my employer is doing, so as to fund a first mortgage on the property. Mid-day, mid-week the place was active, with shoppers buying and employees stocking shelves, making meals and selling clothing. The level of activity was reflective of a healthy economy, which is reflected in the US equity markets. Enjoy it while it lasts and plan for after the good times end...