The S&P 500 (INDEX: ^GSPC) soared upward today to eclipse the closing high it set last October. Driving today's stellar performance was an optimistically rising euro, as well as growing expectations for the U.S. economy's continued growth in 2012.

Source: Yahoo! finance.

What does today's performance mean for the market? Well, we could be looking at the effects of earnings season, or we could be seeing the beginning of a rebound that will see the S&P continuing to climb through the new year. Certainly keep an eye on developments in Europe, but for the moment, just relax and enjoy the ride.

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