Stock Market Commentary -
Through July and August, the U.S. stock market continued its recovery as lockdowns eased, economic data was better than expected, and the Federal Reserve stated its intent to keep rates low until at least 2023. September, known as a typically poor month for stocks, lived up to its reputation. Fears of a resurgence in COVID-19 cases and ongoing disagreements in Congress regarding another round of fiscal stimulus led the market down 3.8% for the month. Despite the September decline, the S&P 500 returned 8.9% for the quarter.
Through many businesses are struggling, the initial public offering (IPO) market has been very active this year with more than 235 companies going public so far. The year 2020 is on track to be one of the busiest for IPOs in decades.
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