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DJIA Sets Inflation-Adjusted Record High

Updated Dec. 20, 2013 4:43 p.m. ET

The Dow industrials rose to an inflation-adjusted record, putting an exclamation point on a historic year for U.S. equities.

The Dow Jones Industrial Average on Friday registered its third-biggest weekly gain of 2013, rising 42.06 points, or 0.3%, to 16221.14. Once adjusted for inflation, Friday's level surpassed the Dow's former all-time high of 16186.39, which was logged in January 2000, according to calculations by William Hausman, an economic historian at the College of William & Mary in Williamsburg, Va.

Such calculations seek to strip out the effect of broader price increases on the stock market, giving what many economists say is a truer measure of the wealth created in stocks

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