Cyprus Bailout Keeps Momentum Bullish

Stocks are climbing this morning after Cyprus accepted a bailout deal, removing the specter of potential debt crisis in Europe.

S&P 500 futures are up about half a percent, while German and French equities are gaining more than a full percentage point. Most Asian indexes rose in the overnight session after the Cyprus news emerged this weekend, led by a 1.7 percent rally in Tokyo.

Money continues to pour back into the stock market as a healthy economic backdrop melts years of investor pessimism. The S&P 500 remains less than 2 percent below its previous all-time highs, while the Dow Jones Industrial Average, Russell 2000 small-cap index and Dow Jones Transportation Average have all broken out to record territory. Only the Nasdaq-100 remains far below its previous peaks from the tech bubble early last decade.

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