Wall Street rises on French election relief
U.S. stocks recorded massive gains on Monday just like the European and Asian indexes, as a relief rally took control of the market after investor favorite Emmanuel Macron beat the anti-EU candidate Marine Le Pen in the first round of the French presidential election.
The Dow Jones Industrial Average added 216.13 points, or 1.05%, to 20,763.89, the S&P 500 rose 22.75 points, or 0.97%, to 2,374.15 and the Nasdaq Composite, which refreshed its record level during the day, gained 73.30 points, or 1.25%, to 5,983.82.
Europen indexes catapulted to their highest levels in more than a year as Emmanuel Macron is seen as the heavy favorite win the second round on May 7. A broad-based risk appetite was also apparent in the FX market on Monday with the yen being the worst performer among major currencies.
- Forex today: consolidation post first round of French election result
“The contest is not over yet, but investors are likely to take comfort and to begin to think about the more attractive valuations that European equities offer.” Azad Zangana, senior economist for Europe at Schroders Plc in London, told Bloomberg
Headlines from the U.S. session:
- US Dollar fails to extend correction above 99 handle
- Le Pen steps down from National Front leadership - Fox News
- Elabe Poll: Macron 64% vs. Le Pen 36%
- U.S. President Trump said to be looking to cut corporate tax rate to 15% - WSJ
- White House: Healthcare plan vote in congress could come in following weeks
- U.S. Secretary of State Tillerson will preside a special ministerial meeting on Friday to discuss North Korea