The Dow Jones Industrial Average was hovering above 12,000 again on Thursday, while debate continued to rage over whether the ageing index had any remaining relevance for today’s markets.

But the Dow’s rapid ascent is a symptom of a strong rally, which has seen most developed markets rally by more than 10 per cent in the last three months. It also marks a sharp contrast with some other indices that tend to generate controversy, covering the hedge fund sector.