Recent Rally in U.S. Stocks an Illusion?

This graph plots the value of the U.S. dollar (red/blue line) vs. the S&P 500 (green line). Notice that since the recent stock market rally began in March, the value of the dollar has fallen at almost exactly the same rate (proportionally) as the S&P 500 has risen.

In other words, investors may have gotten more dollars from this rally, but they're not much wealthier.