high ac voltage destrucive or not?

After reading all the threads about ac voltage these past few months I pulled out my handy dandy fluke meter and meaured about 126 volts ac out of the wall and 128 out of my powervar. For all the electical gurus is this harmful to the electonics or part of the variables in ac delivery , thanks for any help. system consist of pass 350, sfl2 preamp and audiologic dac.
Sean - You say that the power company may rectify the situation. You mean they will convert him to DC? ;^)
All AC voltmeters read the rms value of a sine wave, so unless you have seriously corrupted AC coming into your house the reading is accurate.
thanks for all your responses, will power conditioners decreasde the current to 120, it seems the powervar keeps it constant, is this a defect or part and parcel of the same problem.
If you have tube equipment, the higher voltage can place your biased tubes close to their operational limits and some of the capacitors can also be at risk. Normally, I would say "don't worry too much" but you willo certainly experience a bit of lessened life expectancy with tubes. Similar to light bulbs, the turn on surges are the most difficult to handle and I would imagine that in your home, lioght bulbs last a bit less than normal. Excessive low voltages can cause simialr difficulties,making motors in fridges and other major appliances work outside of their peak efficiency range. Normally, things are designed to work with about a +/- 10% from ideal rated voltages.