NYSE chief cautions on March rally

The March stock market rally that fuelled hopes of a broader economic recovery was deceptive because “real money” investors remained on the sidelines, said the chief executive of NYSE Euronext, the world’s largest stock exchange. In rare comments about market movements, Duncan Niederauer told the FT that the rally was driven by short-term traders trying to exploit high volatility and not by large institutional or other long-term investors.