Everyone who tastes this slightly sweet punch wants seconds, and then they ask for the recipe. It's great with breakfast or brunch, but also good just by itself as a thirst-quencher. When covered, it'll keep in the fridge for several days.
4 cups water, divided
2 tablespoons confectioners' sugar
2 cups pink grapefruit juice
* 1 can (12 ounces) frozen pink lemonade concentrate, thawed
* 3 tablespoons maraschino cherry juice
* Orange or lemon slices and maraschino cherries, optional