Not sure if a rollercoaster Dow is really the only metric for appraisals of the economy. Red seems as excited for an upsurge in crude oil prices, as he was for its earlier plunge. Bigger picture, when you look at different nations around the world, is read from metrics like the rate of personal savings and also debt liabilities. Healthy economies have high rates of the former and lower of the latter.
Simply going by consumer spending, around Xmas, can give a deceptive picture. Short term, yes, things look prosperous when people buy stuff, but real prosperity goes beyond the holiday bonus check and shows up as long-term savings, more home ownership, and reduction of credit card debt.
IMO you need to watch those indices and not every paroxysm WS has at the sight of its own shadow.