Business

Nasdaq hits record high as US stocks join global rally

NYSE trader Image copyright Reuters

Stocks on Wall Street surged on Monday, as US investors joined the global rally triggered by the French presidential election.

Centrist Emmanuel Macron topped the voting in the first round, and will go through to the final round with far-right candidate Marine Le Pen.

Markets now expect Mr Macron to win in the second round of voting.

The Nasdaq index hit a record high, rising 1.2% to 5,983.82, while the Dow Jones jumped 1.05% to 20,763.89.

The wider S&P 500 index climbed 25.46 points, or 1.08%, to 2,374.15.

US President Donald Trump is set to announce a tax plan this week and traders may have been encouraged by reports that he plans to prioritise slashing the corporate rate.

Bank stocks did well, with Bank of America, JP Morgan Chase and Goldman Sachs all up by more than 2%.

Retailers such as Walmart and Nike lost ground. But shares in toymaker Hasbro jumped nearly 6% after its quarterly profits came in ahead of expectations. Profits rose to $68.6m, with revenues up 2.2%.