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US Stocks Follow Global Markets Higher 04/24 09:18

   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.

   NEW YORK (AP) -- 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.

   FEELS CALM: Many investors see the Vix index as a measure of the market's 
anxiety level because it shows how expensive prices are to buy protection 
against upcoming drops in stocks. The Vix plunged 19.5 percent.

   Other investments that investors flock to when fearful also saw demand 
disappear. The price of gold fell $17.10, or 1.3 percent, to $1272.00 per ounce.

   Prices for Treasury bonds also dropped, which sent yields higher. The yield 
on the 10-year Treasury climbed to 2.29 percent from 2.25 percent late Friday. 
Yields for two- and 30-year Treasurys also climbed.

   EURO RISING: With expectations strengthening that the shared European 
economy will remain intact, the euro rose to $1.0871 from $1.0695 late Friday.

   The dollar climbed to 110.14 Japanese yen from 109.21, and the British pound 
climbed to $1.2795 from $1.2775.

   COMMODITIES: Benchmark U.S. crude oil fell 23 cents to $49.39 per barrel. 
Brent crude, which is used to price international oils, fell 25 cents to $51.71 
per barrel.

   Natural gas fell 5 cents to $3.04 per 1,000 cubic feet, silver fell 13 cents 
to $17.73 per ounce and copper held steady at $2.54 per pound.

   CHINA BLUES: Chinese stocks didn't join the global wave higher on Monday. 
Benchmarks in Shanghai and Shenzhen fell by more than 1 percent in their worst 
losses in four months after regulators warned over the weekend of risks in the 
financial industry. The Chinese Insurance Regulatory Commission, in a notice 
carried by the state-run Xinhua News Agency, ordered insurers to improve risk 
controls amid a crackdown on misuse of capital.


(KA)

 
 
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