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Wall Street rallies on French vote

Monday, April 24, 2017 - 01:22

U.S. stocks shot up after centrist candidate and markets favorite Emmanuel Macron won the first round of the French presidential election. Roselle Chen reports.

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U.S. stocks rallied on the outcome of the first round of the presidential election in France. Pro-European Union Centrist candidate Emmanuel Macron beat right-wing Marine Le Pen, calming fears of "Frexit." Polls showed he is expected to win again in a deciding vote on May 7th. Ken Kamen of Mercadien: (SOUNDBITE) KENNETH KAMEN, MANAGING DIRECTOR, MERCADIEN ASSET MANAGEMENT (ENGLISH) SAYING: "Well, it's all about Europe and France today, for sure. I think that the trepidation about what was gonna happen in the French election kept markets in check in Europe for quite a while now, becasue everyone is worried about Frexit now. Now that that seems to be less likely outcome of the election, because all the polls show that Le Pen is not going to be the ultimate victor, I think it's given people a feeling that maybe it's okay to put a little bit risk on there." Hasbro's stock hit a record high after reporting better-than-expected revenue and profit. Shares of a medical device maker C. R. Bard jumped after Becton Dickinson said it would buy Bard for $24 billion. Also up - shares of U.S. paint producer PPG - after sweetening a takeover bid to almost $29 billion for Dutch rival, Akzo Nobel. The Financial Times reported that the second largest operator of grocery stores in the United States, Albertsons, is exploring a takeover of Whole Foods Market. European stocks also up after French vote result.

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Wall Street rallies on French vote

Monday, April 24, 2017 - 01:22