OPENING BELL: US stocks follow global markets higher after French election
NEW YORK — U.S. stocks joined a worldwide rally Monday morning after election results in France over the weekend raised expectations that the European Union and euro currency will remain intact. A candidate seen as pro-business won the most votes in Sunday's vote, and many investors expect him to win a runoff election against the remaining anti-EU candidate, which is set for May 7.
Prices for gold, Treasurys and other investments that signal fear in the market all sank, while the euro's value surged against the dollar.
KEEPING SCORE: The Standard & Poor's 500 index jumped 26 points, or 1.1 percent, to 2,374 as of 10 a.m. Eastern time. The Dow Jones industrial average rose 230 points, or 1.1 percent, to 20,778, and the Nasdaq composite surged 72 points, or 1.2 percent, to 5,983.
TRIOMPHE: Coming into Sunday's presidential election in France, several candidates railed against the European Union, one of the world's dominant trading partners. A victory for one of those candidates would have followed the path set by last year's vote in the United Kingdom to exit the European Union and the U.S. election of President Donald Trump as a kick in the face to the globalist, free-trade worldview.
Emmanuel Macron, a candidate investors see as pro-business and friendly to the concept of the European Union, won the most votes in Sunday's election. He will face Marine Le Pen in a runoff election in two weeks. Le Pen is one of the candidates who is against the European Union, but many investors expect Macron ultimately to be victorious.
EUROPE RIDING HIGH: France's CAC 40 index surged 4.1 percent, while Germany's DAX jumped 3 percent and the FTSE 100 in London rose 1.8 percent.
Asian markets also rose. Japan's Nikkei 225 index climbed 1.4 percent, and Hong Kong's Hang Seng and South Korea's Kospi indexes both added 0.4 percent.