The headlines in the popular business media today say, "Microsoft, Skype Deal Lifts Stocks." That is a nice, simple, straightforward explanation for the strong action, but it probably isn't the case. A more accurate explanation is that the weaker dollar, stronger China exports and the likelihood of another Greek bailout are driving the action.
It probably doesn't much matter what the explanation for the buying is anyway. We just have another one of those low-volume, V-shaped bounces occurring, and market players were determined to keep on pushing once they caught the bears and underinvested bulls off balance again.
This sort of straight-up action after a bout of ugliness like we had last week is just routine for this market. Once we start to recover, we seem to immediately forget any and all recent worries, no matter if the issues still exist.