The average stock in the S&P 500 has rallied 14.33% since the start of September. The US Dollar index has declined more than 7% over the same period of time. This decline in the dollar has had an impact on stocks in the form of international sales. When the dollar declines, companies that generate a large portion of their sales outside of the US stand to benefit. As shown below, the S&P 500 stocks that generate more than 50% of their revenues outside of the US have averaged a gain of 17.55% since the start of September. The stocks with no revenues outside of the US have only averaged a gain of 10.36%.
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