Why the stock market is doing so well in a crap economy?

[ProfessorGAC]

10. It's Still Fed Intervention

But, a legal version of overreach.
Those companies maintain their cash position or improve it (analysts are crazy about strong cash) and they don't need to sell treasury to raise cash, which stabilizes management as there are fewer "free" shares out there.
Then they can pay themselves dividends, further improving cash flow.
If they have to sell treasury shares, the extra volume makes all the "free" shares less valuable. Stock price falls as supply outpaces demand.
It is truly a propping up of the share prices.