Stock market today: Wall Street drifts after French market jumps on election results
A man walking on Wall Street approaches the New York Stock Exchange, right, on June 26, 2024, in New York. Shares advanced in Europe on July 1, 2024, with the benchmark in Paris up 2.8% briefly after the far-right National Rally gained a strong lead in first-round legislative elections. (AP Photo/Peter Morgan, File)
NEW YORK (AP) — 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 was virtually unchanged in midday trading as it kicked off a shortened, four-day week that includes the Fourth of July holiday. The Dow Jones Industrial Average was up 33 points, or 0.1%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 0.3% 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 1.5%. 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.
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