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 | The peak algebra  $\Pi$ was introduced by J. Stembridge in his
development of enriched $P$-partitions.
 It is a Hopf subalgebra of the quasisymmetric functions $\Qsym.$
 The Hopf structure has become important in
 connecting $\Pi$ to the enumeration of chains in Eulerian posets.
 
 We will describe the structure of $\Pi,$ showing it to be
 a free polynomial algebra, a cofree graded coalgebra,
 and a free module over Schur's $Q$-function
 algebra. These results mirror results on the structure of $\Qsym$ and its
 relationship to the symmetric functions.
 We introduce a new basis of {\em monomial peak functions} for $\Pi$ which
 behaves much like the monomial basis for $\Qsym.$
 For example, the stucture constants relative to this new basis count
 quasi-shuffles of {\em peak compositions.}
 
 By duality, our results have implications for the algebra of
 chain-enumeration functionals on Eulerian posets.
 Earlier joint work with L. Billera and S. van Willigenburg identified the
 ${\bf cd}$-index as the dual basis
 to Stembridge's basis of fundamental peak functions. Here we find that
 the monomial basis for $\Pi$ is dual to N. Reading's Charney-Davis index,
 which appears to be an Eulerian analog of the flag $f$-vector.
 
 A knowledge of quasisymmetric functions and flag $f$-vectors is useful but
 not required for this talk.
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