Stock market today: Wall Street drifts after French market jumps on election results
abcnews.go.comU.S. stocks are drifting after the French market roared higher as elections continue to drive swings in financial markets worldwide
NEW YORK — U.S. stocks are drifting Monday after the French market rallied, as elections continue to drive swings in financial markets worldwide.
The S&P 500 rose 0.3% in afternoon trading as it kicked off a shortened, four-day week that includes the Fourth of July holiday. The Dow Jones Industrial Average was up 62 points, or 0.2%, as of 2:15 p.m. Eastern time, and the Nasdaq composite was 0.8% higher.
Some of the world’s strongest action was across the Atlantic, where the CAC 40 index in Paris jumped as much as 2.8% before settling to a gain of 1.1%. Results from France suggested a far-right political party may not win a decisive majority in the country’s legislative elections. That opens the door for France to avoid a worst-case scenario for financial markets, where such a victory could yield policies that would greatly increase the French government’s debt and other challenges.
This is a big year for elections worldwide, with voters heading to the polls in the United Kingdom later this week and soon elsewhere. In the United States, pollsters are measuring the fallout from last week’s debate between President Joe Biden and former President Donald Trump. It all underscores “political polarisation and how elections are determining economics, rather than vice versa,” according to Nick Gentle and other members of the product management group at Barclays.
Trump Media & Technology Group, whose stock has been rising and falling with Trump's White House chances, climbed 1.1% to $33.10. Shares of the company behind Trump's Truth Social platform, though, are still well below their perch of
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