For 99% of the people who care about the stock market, it is good when the price of stocks goes up. It’s understandable, then, for the media to portray it as good when stock prices go up and bad when stock prices go down.

What’s more, stocks are, in effect, infinitely divisible. If stocks go up, a new entrant can still buy the same stocks as the earlier adopters; he just has to buy a lower quantity of those stocks.