* Macron wins first round in French vote, ahead in polls
* Stocks on Wall Street rally 1 percent
* Safe-haven yen, Treasuries and gold fall
* Oil selloff continues
(Updates with U.S. market open; changes byline, dateline;
By Chuck Mikolajczak
NEW YORK, April 24 Global equity markets rallied
on Monday, boosting a gauge of world stocks to a record high,
while the euro briefly jumped to a five-month peak against the
U.S. dollar as the first round of an election in France went to
the market's preferred candidate.
Centrist Emmanuel Macron took a big step towards the French
presidency on Sunday by winning the first round of voting and
qualifying for a May 7 runoff alongside far-right leader Marine
The victory for the pro-European Union centrist Macron sent
MSCI's gauge of stock indexes across the globe
to a record high of 453.38.
The blue chip euro zone STOXX 50 index surged 4
percent and was headed for its best day in nearly two years,
while France's CAC40 climbed 4.2 percent and was on
track for its biggest daily percentage gain in almost five
Investors were concerned a victory for Le Pen could
eventually put France on the path taken by Britain to leave the
"The nice thing about putting a black swan, geopolitical
disaster situation behind you is you can start focusing on
fundamentals," said Art Hogan, chief market strategist at
Wunderlich Securities in New York.
"Coming into the weekend you had all that sort of risk off
behavior that gets unwound pretty quickly when the disaster is
The Dow Jones Industrial Average rose 207.41 points,
or 1.01 percent, to 20,755.17, the S&P 500 gained 23.31
points, or 0.99 percent, to 2,372 and the Nasdaq Composite
added 63.84 points, or 1.08 percent, to 5,974.37.
The pan-European FTSEurofirst 300 index rose 1.99
percent and MSCI's gauge of world stocks gained
The euro pared earlier gains, but was still up more than 1
percent against the dollar and more than 2 percent up
against the yen.
There was also an unwinding of safe-haven trades.
Shorter-term German bonds saw their biggest
sell-off since the end of 2015 as investors piled back into
French as well as Italian, Spanish, Portuguese and
Benchmark 10-year notes last fell 15/32 in price
to yield 2.2874 percent, from 2.236 percent late on Friday.
The Japanese yen weakened 0.8 percent versus the
greenback at 109.97 per dollar. Wall Street's so-called
fear-guage, the VIX volatility index, plunged the most
Spot gold dropped 0.9 percent to $1,272.03 an ounce.
U.S. gold futures fell 1.21 percent to $1,273.50 an
Meanwhile, investors are gearing up for the busiest week for
corporate results in at least a decade on Wall Street, with more
than 190 S&P 500 companies, including heavyweights Alphabet
and Microsoft, due to report.
Asia also saw a risk rally. MSCI's broadest index of
Asia-Pacific shares outside Japan closed 0.61
percent higher, while Japan's Nikkei rose 1.37 percent.
Oil prices continued to decline after last week's selloff,
weighed by signs U.S. production and inventory growth were
offsetting OPEC's attempts to reduce a persisting global glut.
U.S. crude fell 0.97 percent to $49.14 per barrel
and Brent was last at $51.54, down 0.81 percent on the
(Editing by Bernadette Baum)