The Tell: Goldman blames mom-and-pop investors for volatility in stocks

The U.S. stock market has seen volatility rear up in 2018, with major indexes experiencing wild swings on a nearly daily basis. There have been a number of causes often cited for the recent bout of turbulence, including concerns over inflation, geopolitical uncertainty, and the first-quarter earnings season, but one of Wall Street’s most prominent investment banks fingers one key culprit: Main Street.

Citing both their outsize ownership of stocks and a surge in recent trading activity, Goldman attributed the recent whipsawing trading in the equity market to average investors, writing that retail investors—as opposed to institutional ones—“appear to have driven much of the U.S.

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