“Although Macron has been labeled as favorite to become the next French President, an unexpected Marine Le Pen victory could deal a symbolic blow to the unity of the European Union and ultimately create a tidal wave of risk aversion,” FXTM analyst Lukman Otunuga said in a note.
Nevertheless, strong earnings and potential pro-growth policies out of the Trump administration has helped support U.S. markets.
Of the 95 companies in the S&P 500 that have reported earnings through Friday, around 75% beat expectations. Overall S&P 500 company profits are expected to rise 11.2% in the quarter, the best quarterly result since 2011.
Wall Street was also being bolstered after officials said President Donald Trump would sign three documents Friday to push forward his administration’s plans to cut taxes and regulatory burdens. Treasury Secretary Steven Mnuchin said the Trump administration will release a tax plan “very soon.”
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