Shares of U.S. initial public offerings are showing meaningful strength after a five-month surge, according to Ari Wald, Oppenheimer & Co.’s chief technical analyst. Wald recommended buying an exchange-traded fund that tracks the Renaissance IPO Index in a report Sunday. Renaissance Capital LLC’s index more than doubled from a March 18 low through Monday, according to data compiled by Bloomberg, as the Russell 3000 Index rose 45%. The IPO gauge consists of companies that have gone public during the past two years.
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