The credit crunch is history, as far as Wall Street's concerned. But it's early yet to close the books on this summer's debt-market disturbance.
The Dow Jones Industrial Average soared 191 points Monday to close at 14,088, breezing by its July 19 high-water mark of 14,000. Citigroup(C Quote) led the Dow, rising 2% even after the bank said third-quarter earnings would be hit by more than $3 billion in charges tied to this summer's debt market mess.
Monday's record-setting rally shows investors are eager to write off this summer's credit crunch as a one-time event with few implications for the future. Citi chief Charles Prince said so himself in Monday's earnings release. Despite a huge third-quarter earnings shortfall, Prince noted the New York bank expects "to return to a normal earnings environment in the fourth quarter." ...
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