Was the fourth quarter of 2018 just a bad dream for investors? It sure looks like it now. With just two trading sessions left in the month, the S&P 500 is on track to close out the first four months of the year with its best results in 32 years (1987), has rallied more than 20 percent from the December lows, and has also bested its previous all-time high!
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Treasury Secretary Mnuchin did not cause the recent dollar dive. His remarks
(“Obviously a weaker dollar is good for us as it relates to trade and opportunities”) at
the World Economic Forum in Davos were surprising, because government officials have
historically not been willing to acknowledge that when the value of the dollar falls, it
makes US exports cheaper. The result can be good for US manufacturers and can also
improve the trade balance.