NASDAQ composite French election stocks rise – CWEB.com
U.S. equities soared on Monday as investors cheered the results of the first round in the French presidential electionand projected winner Emmanuel Macron .
The Dow Jones industrial average soared more than 200 points, with Goldman Sachs and Caterpillar contributing the most gains. The S&P 500 popped about 1 percent, with financials surging more than 2 percent to lead advancers. The Nasdaq composite hit a new all-time intraday high, rising more than 1 percent.
Polls showed pro-EU Macron is expected to beat right-wing rival Marine Le Pen in a deciding vote on May 7, quelling some fears of a breakup of the Eurozone after Britain’s shock exit vote last year.
While European stocks headed for their best day in two years, gold prices tumbled amid an unwinding of safe-haven trades.
“The markets are in a strong rebound as the expectations of the first round of the French elections results were pleasing,” Peter Cardillo, chief market economist at First Standard Financial wrote in a note