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Stocks mostly took the day off today following Friday’s impressive rally. That move came on the heels of progress in Europe, news that should be celebrated in Spain every bit as much as that country’s win Sunday in Europe’s soccer equivalent to the Super Bowl.



As part of the agreement worked out at the summit of European leaders, Italy and Spain will have an easier access to aid from the European Stability Mechanism, the permanent bailout fund that was created months ago and just put into operation. The ESM will be able to capitalize Spanish banks directly, rather than having to channel it through the Spanish government, which should take pressure off Spanish bond yields. On the negative side, funding for the ESM – for now at least – is capped at 500 billion euros (which is about $629 billion). And Germany remains steadfastly opposed to issuing jointly guaranteed euro bonds. The deal won’t solve all of the euro land’s problems, but it will buy the ailing countries much-needed time.