A Market Rally in Monopoly Money

When priced in US dollars, the US stock market appears to have rallied significantly since the beginning of the year, now up 18.31% since January 1st. However, since the dollar has fallen 5.82% since the beginning of the year, if we subtract the dollar decline during this same time period, the 18.31% gain drops to a 12.49% gain. This is a more honest me…