While puzzling over the market's performance for the past few weeks, Wall Streeters have centered much of their speculation on those powerful but somewhat shadowy giants, the institutional investors. The institutions have become so wealthy that their assets now bulge above $600 billion, nearly as much as the U.S.'s gross national product; they currently account for close to one-third of the $60 billion-a-year trading on the New York Stock Exchange. Clearly their decisions to buy or sell have a powerful impact on which way the market goes. Lately these large investors have been...
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