“Companies are able to go public at higher valuations and investors are making money.” “That’s been a great backdrop,” Kennedy said.
The job market in particular has remained resilient, despite the Federal Reserve’s pushing interest rates sharply higher to slow the economy in hopes of dragging down inflation.Īnother reason for the market’s tear is traders betting that the Fed will be done with rate hikes after this month, when the central bank is expected to hike them one last time.ĭespite a still below-average number of IPOs, the stock market rally has helped boost returns for investors in the companies that have gone public more than twofold over last year. The market has rebounded this year in part because the economy has defied many predictions of a recession, at least so far.
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