I think this chart explains why the SP500 is always growing in the medium term (on the chart – annual dividend payments by companies included in the SP500 index, in billion dollars). And today is also indicative.
As soon as the threat of a large-scale war moved away, the SP500 index showed a new maximum historical value. Let me remind you that the Catholic and Protestant churches, Saudi oil sheiks, trade unions and universities, and pension funds of many countries have been sitting on this index for many years.
The Fed is building its monetary policy based on the main principle – the SP500 index should grow in the medium term. Moreover, the index is not a pyramid. He makes money, invests, develops the economy.
The issue of the value of the dollar in the calculation of the index is not important and very complicated (although it is clear that the dollar is becoming cheaper in relation to, for example, gold), because over time, the consumer set expands and changes greatly and none of the economists can prove the correctness of the calculations of the purchasing power of the dollar).
Such is the nature of this tool.