The S&P 500: Liftoff in 3 ... 2 ... 

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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.

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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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At the time this article was published Fool.com graphics/photo/art editor Dari FitzGerald doesn't own shares of any companies mentioned. Try any of our Foolish newsletter servicesfree for 30 days. We Fools don't all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.

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