Strong Dollar Casts Shadow Over Stock Market Rally

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A stubbornly strong dollar is looming over a rebound in U.S. stocks, weighing on companies’ profits and stoking worries of slowing U.S. growth.

The dollar is up more than 7.5% since last February, buoyed recently by a seven-session rally that has wiped out this year’s decline in the WSJ Dollar Index. The dollar’s durability has run counter to Wall Street’s expectations: many investors believed the U.S. currency would weaken amid an expected pickup in European growth and a recent cautious shift from the Federal Reserve. Instead,…

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