Equities in Range After Big Gains

Stocks are hovering in a range this morning after another record close yesterday.

S&P 500 futures are little-changed, while most European indexes are posting small gains. Asian markets were mostly positive overnight, led by a 2 percent rally in Tokyo.

The S&P 500 surged more than 1 percent yesterday and is up more than 6 percent from its lows less than a month ago. It’s been surging as money streams into equities following years of pessimism. There are also few events that seem to endanger the rally, with budgetary battles in Washington and debt worries in Europe receding into the past. Even poor economic numbers from Germany, France and Italy earlier this morning failed to incite selling.

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