Inflation adjusted Dow

An interesting graphic from "The reformed broker" showing the Dow 30 adjusted for inflation.  

In real terms it appears that we haven't made much real progress in recent years - however I would point out that this chart only shows the level of the index (which is a price index only) and thus ignores the rather healthy dividend yield of about 2.5%.  So to say that the Dow has not made real gains against inflation would be a bit of a misstatement.