The S&P 500 is still 20.34% below its level just before the Lehman collapse, and 49 of the 82 countries shown below have done better. Also, 28% (23) of the countries are up since Lehman. As shown, China is up the most since September 12th with a gain of 30.55%, followed by Venezuela (28.35%), Indonesia (26.71%), Turkey (23.57%), Vietnam (15.06%), and Tunisia (12.04%). Three of the four BRIC countries are up, with Russia the only one down at -21.51%.
The US ranks 2nd to last in terms of performance for the G7 countries. Even though a number of market indicators are back to their pre-Lehman levels, the market itself here in the US still has a lot of work to do. If you think we're at least headed back to September 12th levels, you're expecting a further gain of 25% for stocks.