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U.S. stocks soar after first round of French election

Xinhua, April 24, 2017 Adjust font size:

U.S. stocks closed sharply higher on Monday as investors cheered the results of the first round of French election, with Nasdaq hitting an all-time high.

The Dow Jones Industrial Average rose 216.27 points, or 1.05 percent, to 20,764.03. The S&P 500 added 25.45 points, or 1.08 percent, to 2,374.14. The Nasdaq Composite Index was up 73.30 points, or 1.24 percent, to 5,983.82.

Centrist candidate and former minister of economy Emmanuel Macron and far-right candidate Marine Le Pen on Sunday came out on top in the first round of the French presidential election, according to projections by polling agencies and official partial results.

An updated estimation by research firm Elabe for local broadcaster BFMTV indicates that Macron leads with 24 percent of votes, and Le Pen 21.8 percent.

A total of 11 candidates participated in this year's race towards French presidency, and the two leading candidates are set to face off in the runoff on May 7.

A poll late Sunday from Ipsos/Sopra Steria showed that Macron would likely win that runoff by 62 percent to 38 percent, according to the Market Watch.

European equities surged on Monday after Macron's victory, with French benchmark index CAC 40 soaring more than four percent.

In Asia, Tokyo stocks also jumped Monday as the market mood was buoyed after the first round of the French presidential election. The 225-issue Nikkei Stock Average gained 1.37 percent to 18,875.88 points. Endit