The DOW measures the fortunes of 30 companies - companies that...

The DOW measures the fortunes of 30 companies - companies that are virtually Teflon when it comes to impacts of pandemics and wars. Microsoft for instance has lost 23% from November to last Thursday - now sitting 14%. Apple 17% down. These corporations have been propped up by the Fed for years.

Let's not ignore the fact that many companies have been engaged in buy-back programs to boost their share prices.
20 companies spending billions to boost their stock prices (yahoo.com)

Taking a micro measure of 30 companies from more than 5000 as an indicator of how all businesses should perform is how governments try to keep people thinking everything is doing great. Go the smaller companies who have had to let off staff and tell them their business must be doing great cause the DOW is at an all-time high. Is it an all-time high? US inflation is 7%.