Basically, the market is fearful now that the Fed may need to be more aggressive in raising interest rates.
If the dollar continues to fall, and we end up in a free fall, at one point the Fed will have to be more aggressive, ... They may have to respond by raising interest rates by half a point.
It is obvious that the economy continues to grow and that the job market is growing. Today's numbers are offering investors a sense of relief that perhaps the Fed may not have to be too aggressive in raising interest rates.
The retail sales are a real blow-out number. They show that economic activity is healthy but they will also ignite fears that the Fed will continue raising interest rates as it takes these numbers as a sign that the economy is still growing strongly.