Scared of the profit impact of a strong U.S. dollar? Relax a bit.

With the U.S. dollar hovering around a 2018 high, the mood on Wall Street is that dollar strength will mean less bumper sales and profits for multinational companies later this year. S&P 500 companies derive about 30% of their revenues from overseas -- when the dollar is weak sales and profits tend to get a boost due to conversion considerations. The contrary happens when the dollar trade reverses.

But according to new research from S&P Dow Jones Indices, stocks across a variety of assets classes have performed well since 2008 when the dollar has risen.

Here are some takeaways from S&P's research. 

Since 2008, for Every Rise in the Dollar

  • Large-caps gain 71 basis points.
  • Mid-caps gain 82 basis points.
  • Small-caps gain 95 basis points.

Sector Performance When the Dollar Gains

  • Materials, Financials and Energy are all driven more by a falling dollar than a rising one.
  • A rising dollar helps Consumer Staples, Health Care and Utilities.
  • Small-cap Financials have outperformed their larger counterparts. 

That said, don't be so quick to jump into Campbell Soup (CPB) as a play on dollar strength. It needs to find a new CEO, as of today. 

TheStreet presents on May 22: "How to Stomach Market Volatility." Hosted by Fisher Investments and TheStreet's Jim Cramer, the exclusive live webinar will give you the tools to successfully navigate market volatility and discuss why having a wealth manager is more critical than ever before. Quickly register for the event here

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