Friday's session embodied the "better than expected" theme of the week,
editor-at-large Aaron Task says on Friday's
The Real Story podcast.
Raised guidance from
keyed Friday's gains, which left the
up 0.3% for the week while the
The week helped push major averages back above the levels seen prior to the big swoon on Feb. 27, yet a lot of skepticism remains, Task says.
Peter Costa, senior NYSE floor trader at Lipari Partners, agreed: "We've had some earnings that came out this week and the market reacted OK -- not anything great."
On a day when
became the latest beneficiary of the merger mania, Costa says the dealmaking has lost the ability to move the broader market.
"People are so used to finding out who got taken over, it's almost like it doesn't do anything anymore," the trader says. "It's not anything people are super excited about. People trade the specific stocks but for overall macro perspective you want something significant to come out."
Asked what will compel more conviction among traders -- in either direction -- Costa says the market may remain range-bound "unless something major is going to happen we can't predict."
In the remainder of the podcast, Task discussed the day's corporate news, including earnings from
, the big gains for biotech firm
found itself in "the Geoff Tate zone."
here to listen to the entire podcast.