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Wall Street Breakfast: Must-Know News [View article]
"Big money backing rally. Institutional investors are driving the U.S. stock market's recent rise, State Street says. The firm, which monitors the buying and selling of $12 trillion in assets it holds as custodian, says monthly cash flows into equities are in the 98th percentile - close to a 12-year high. The report flies in the face of yesterday's comments by NYSE Euronext CEO Duncan Niederauer, who said the rally is being driven by quants, while big money sits on the sideline."