INVESTMENT: Muffled Firepower

LIKE an army repeatedly assaulting an impregnable fortress, the Dow Jones industrial average last week mounted yet another attack on the magic 1,000 mark, and once more retreated. After opening the week by pushing to a 44-month high of 974, the index fell back to close at 966. Such performances have become almost routine, and a different specific cause can be found for each failure to crack 1,000. But one underlying reason is that Wall Street misses the massed investment firepower that mutual funds once brought to bear on the market. Throughout the 1960s, mutual funds, which pool the...

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