Effect of Inflation on S&P Price Return (1871-2010)

I modified my original US stock prices graph to compare the growth rate of real growth (adjusted for inflation) in S&P Composite  Index with the nominal price growth. Annualized growth rate of since 1871: Nominal stock price return= 4.0% Real stock price return = 1.9%

You can find data at IrrationalExuberance.com