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) 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." Prince isn't the only bull on that count. Execs at Lehman Brothers ( LEH) and Goldman Sachs ( GS) said last month they expect that they've seen the worst of the crisis that laid low the markets for mortgage securities, leveraged-buyout loans and other riskier debt. As a result many observers appear ready to sound the all-clear for financial stocks, which have swooned since the subprime mess surfaced this past spring. "The bad news is in at a lot of these financials," says Todd Leone, trader at Cowen & Co.