Big gains for U.S. stock market — but is the Federal Reserve making a mistake?

The U.S. dollar had a steep fall on Friday that helped lift stocks, its biggest decline against the euro in more than three years — and the Federal Reserve could be helping out the stock market for a little while longer. However, it may be doing so at the expense of SP 500 companies.

The NASDAQ closed at its highest level in 15 years, increasing 3.2 percent on the week after closing on Friday, as equities posted a strong week after the Federal Reserve’s policy statement on Wednesday that suggested that a rise in interest rates is a long way off, according to a Reuters report.

Originally, investors thought a June interest rate hike was likely, but language emerged from the Fed’s meeting indicating that it was in no hurry to raise interest rates, and such a move would likely come later in the year.

While the dollar’s strength against struggling currencies abroad has been a sign that the U.S. economy is back on firm footing, it has concerned investors who worry it is cutting into its profits, especially for firms that rely on overseas sales. An Investment U report indicates that the gap is widening between the U.S. Dollar Index and 47 SP 500 companies that derive 50 percent or more of their revenue from the foreign markets. Should the gap continue to widen, the profits of those companies could continue to erode.

Meanwhile, U.S. crude futures jumped on the week for the first time in five weeks, and the SP 500 had its first weekly gain in the last three weeks, according to the report.

The U.S. dollar index dropped by the largest amount in a week since 2011, but still remains in a strong position compared to the euro and other currencies.

In all, the dollar index fell 1.37 percent against other currencies on Friday, which is the largest one-day decline since September of 2013, while the euro increased by 1.4 percent and now sits at $1.0811. The yen, meanwhile, increased by 0.61 against the greenback.

Investors believe that such a decrease isn’t likely to last.

It did wonders for the stock market in the meantime, with both the Dow Jones Industrial Average and SP 500 gaining 1 percent on Friday.

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