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After rising the past two weeks, during which oil prices rose 20% from their lows, equities fell hard this week. SPY lost 3%, RUT lost 5% and NDX lost 6%. The big winner was gold, which gained 5%.
Given the close correlation recently between equities and oil, it's no surprise that oil led to the downside, losing 8%. This continues to be the biggest wild card driving the direction of equities.
Perhaps more surprising is that the dollar index fell nearly 3%. Should this continue, this would be a net positive for equities as the repatriated profits of overseas sales benefit from a higher trading partner currency. Naturally, the dollar cost of US products also becomes more affordable with a lower dollar. There is, therefore, a close link between the dollar and revenues for SPX companies: as the dollar falls, revenue growth increases. More on this in a recent post here (chart from Yardeni).