Monday's session was more evidence of how low the bar is set for earnings this quarter and is paving the way for a "better than expected" rally,
editor-at-large Aaron Task says on Monday's
The Real Story podcast.
paced Monday's earnings parade, which also featured raised guidance from
Citigroup and Wachovia helped lead a rally in the financial sector that extended to the subprime space after
said it is selling its residential real estate business.
The deal, believed to be worth about $2 billion, gave a boost to other subprime lenders like
and is further evidence there is no "credit crunch" in the financial sector despite all the inflammatory headlines, Task says.
The absence of a crises also means there's no need for a
rate cut, but the stock market doesn't seem in need of rate relief, he adds.
In the remainder of the podcast, Task discussed the day's corporate news, including M&A activity involving
here to listen to the entire podcast.