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US stocks waver around record highs after Macron wins French presidential polls

LiveMint logoLiveMint 08-05-2017 AP

New York: US stock indices wavered around their record highs Monday, while the dollar ticked higher against rivals.

Trading was calm following the weekend’s presidential election in France, which had the potential to upset global markets. The candidate who’s in favour of keeping France in the European Union and the euro currency won, to the relief of investors who feared the alternative would have hurt global trade. Markets had been rallying for weeks in anticipation of a victory by Emmanuel Macron, and analysts said that left little upside for when the result actually occurred.

The Standard & Poor’s 500 index slipped nearly 2 points, or 0.1% to 2,397 as of 10 a.m. Eastern time. The Dow Jones industrial average fell 30 points, or 0.1%, to 20,977. The Nasdaq composite slipped 2 points, or less than 0.1%, to 6,098.

The French CAC 40 fell 0.8%, but that follows a 7.4% surge in the preceding two weeks when investors bid up shares in expectation of a Macron victory. In Germany, the DAX slipped 0.1%. The FTSE 100 index in London rose 0.3%.

ALSO READ: Emmanuel Macron wins in France: What world leaders are saying

Asian markets fared better. Japan’s Nikkei 225 index jumped 2.3%, as did South Korea’s Kospi index. The Hang Seng in Hong Kong rose 0.4%.

Kate Spade surged $1.38, or 8.1%, to $18.35 after agreeing to a $2.4 billion buyout by Coach, its rival in the luxury goods market. Coach will pay $18.50 per share for Kate Spade.

Often when companies announce takeovers, the purchaser will see its share price drop on worries that it paid too much or pursued an ill-fitting deal. But Coach rose $2.61, or 6.1%, to $45.27.

Tribune Media jumped $2.44, or 6.1%, to $42.73 after Sinclair Broadcast Group said it would buy its rival in a cash-and-stock deal valued at $43.50 per share, or a total of $3.9 billion. Sinclair rose even more: $2.95, or 8%, to $39.90.

The euro had been climbing against the dollar in recent weeks as expectations built for a Macron victory. Following the actual result, it fell like the French stock index. The euro slipped to $1.0943 from $1.0990 late Friday. The dollar edged up to 112.75 Japanese yen from 112.61 yen. The British pound slipped to $1.2938 from $1.2969.

ALSO READ: What Emmanuel Macron as French president means for EU, and for Merkel

Benchmark US crude rose 11 cents to $46.33 per barrel. Brent crude, the international standard, rose 27 cents to $49.37 per barrel.

Natural gas fell 9 cents, or 2.7%, to $3.18 per 1,000 cubic feet, heating oil rose a penny to $1.44 per gallon, and wholesale gasoline rose 1 cent to $1.52 per gallon.

Gold rose $2.70 to $1,229.60 per ounce, silver gained 2 cents to $16.30 per ounce and copper fell 5 cents to $2.48 per pound.

Bond yields edged higher. The yield on the 10-year Treasury rose to 2.37% from 2.35% late Friday. The two-year yield rose to 1.32% from 1.31%, and the 30-year Treasury yield ticked up to 3.00% from 2.99%.

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