The Dow Jones Wilshire 5000 index, the broadest measure of the U.S. stock market, has recouped all of its dollar losses suffered in the 2000-02 bear market. As of Wednesday, it had rebounded 100% and regained $8.8 trillion in market value ? more than the combined annual GDP of Japan, Germany and the United Kingdom ? since its Oct. 9, 2002, low.

Confirming the strength of this so-called U.S. "wealth" measure were the record highs set Wednesday by a swath of other domestic stock market indexes. For the first time since March 17, 1998, the Dow Jones industrial, transportation and utilities averages all set records on the same day, suggesting that the economy is in good shape.

And further confirmation of the market's broad, inclusive participation came in the form of a record close for the NYSE composite index, which measures the performance of all U.S. common stocks, foreign shares and real estate investment trusts listed on the New York Stock Exchange.

"Each time you see another index hit a new high, it validates what is going on and confirms that the rally is, indeed, broad-based," says Steven Foresti, managing director and head of investment research at Wilshire Consulting.

The broad U.S. stock market has risen four consecutive years after losing nearly half of its value from 2000 to 2002. The continued gains on Wall Street, however, are worrisome to some because the market is now enjoying its second-longest streak ever without either a 2% or 10% correction from a prior high. There is also growing concern that investors may be getting overly optimistic about the market's moneymaking abilities.

"A correctionless market breeds complacency," says James Stack, president of InvesTech Research.

But even Stack admits that the market continues to defy skeptics and move higher because all the ingredients of a bull market remain in place. The big drivers ? stable interest rates and a not-too-hot, not-too-cold economy ? were reinforced Wednesday by Federal Reserve Chairman Ben Bernanke in testimony on Capitol Hill.

"Investors have deciphered all the economic data and have given a thumbs up across the board," says Timothy Vick, senior portfolio manager at Sanibel Captiva Trust. He says investors are now more confident that the Fed will not raise short-term interest rates this year, which makes stocks far more attractive.