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What happened at the EU summit?

There’s an old saying that copper is the metal with a PhD in economics. Well, in my opinion, the stock market has a BA in Learning Disability. I need only remind readers of the fact that the S&P reached its all-time high in October 2007 after the credit markets froze and the CDO price index collapsed.

More recently, every time there is an EU summit, the stock market erupts in euphoria: crisis over! The market is so bored with the euro crisis, and so totally uninterested in anything exogenous to its earnings models, that it will grasp at any straw that will allow it to go back to studying eps models and earnings “surprises”.

I see no information value in the market's rise on Friday.

So what did happen in Brussels? Not much, as far as I can make out: