The economy may be struggling to recover, but by one closely watched measure the fear that not long ago paralyzed the markets has lifted.

The oldest and most popular gauge of the stock market on Tuesday surged past the nominal high it last reached more than five years ago, before the financial crisis hit with full force.

In the past, such a recovery would have led to celebrations on Wall Street and spread optimism about the economy. But the gain by the Dow Jones industrial average — the stocks of 30 American corporate giants like Coca-Cola, ExxonMobil and Microsoft — was a more downbeat event.

Wall Street executives were not dismissing the rally out of hand, but after several years of turbulence they were not cracking open the Champagne either.