What drives the equity markets : Growth Vs. Liquidity

The United States economy expanded an annualized 3.9 percent on quarter in the three months to June of 2015,  due to higher consumer and construction spending. It is the highest growth rate in three quarters. GDP Growth Rate in the United States averaged 3.25 percent since 1980 until 2015. 
  
Banks Balance Sheet in the United States reached an all time high of 15,512,600 USD Million in September of 2015  from a  low of  below 2,000,000 USD Million in 1980.

During the period 1980 till 2015 the Dow Jones Industrial  Average has grown from  below 3,000 to record all time high of 18,312 in 2015, in spite of poor growth rate but  largely due to increase in money supply as a result of  the QE policy followed by the Federal Reserve.