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Policies like QE push down the risk free rate. The risk free rate is a requirement for the determination of the required rate of return to discount cashflows. This follows that a lower risk rate means less future cash flow discounting and a higher present value of cash flow producing assets (the Dow).

This is also why the Dow jitters at even the hint of something as small as a 25 basis point rise.

This is indisputable financial theory.