Despite a long-term picture in Europe that appears to be as unsettled as ever, investors will take any bit of good news and run with it.
That's been the message from a succession of trading days in which even the whisper of resolution to the European sovereign debt problem-a conference call among policy makers, another bailout installment for Greece-sees the market go higher.
Even downbeat economic numbers, like the batch the government released Thursday, weren't enough to derail hopes that Europe won't implode and take the global economy down for the ride.
"Somehow we're back to a risk-on trade again," says David Twibell, president of Custom Portfolio Group in Englewood, Col. "The problem in Europe is, 1) very serious, and 2) there is no easy solution. If there was we would have already solved the problem. The market is being a bit pollyannaish right now."
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