A seemingly unstoppable rally propelled the dollar to a record streak of weekly gains, fueled by expectations that the Federal Reserve will keep interest rates higher for longer.

The Dollar Index barely moved Friday, completing its eighth straight week of gains, the longest such streak since 2005. Following a three-day decline, the S&P 500 edged higher. The megacap space was weighed down by Nvidia and Tesla, while Apple rebounded after a rout that erased $190 billion in value just days before the unveiling of the iPhone 15, new smartwatches, and the latest AirPods.

Every major currency has fallen against the US dollar in the last month, with emerging-market heavyweights like the Chinese yuan and the Indian rupee nearing all-time lows. The recent dollar rally reflects the global economy's fissures, with reports indicating that the US is accelerating even as growth in Europe and China slows.

The advance pushed the currency's 14-day Relative Strength Index above 70, which many traders interpret as an indication of an overbought market.