Stocks Buoyant Near Long-Term Highs

Stocks are indicated to open slightly higher today as the S&P 500 refuses to back down from multiyear highs.

Index futures rose less than one-tenth of one percent, while the gains have been accelerating in Europe over the last hour. Asia fell in the overnight session, punctuated by a drop of more than 1 percent Tokyo and a 3 percent decline in Shanghai.

The catalyst for today’s gains appears to be little more than the ongoing bullish momentum in equities, plus a lack of crisis in Europe. Cyprus reopened banks with limits on the size of withdrawal to prevent bank runs. Meanwhile, German retail sales and Italian business confidence were both better than economists had forecast.

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