U.S. equities bounded higher on Monday in response to the “as expected” French election result on Sunday night. The result was the largest one-day gain since March 1 — breaking stocks out of their recent funk.

In the end, the Dow Jones Industrial Average gained 1.1%, the S&P 500 gained 1.1%, the Nasdaq Composite gained 1.2% and the Russell 2000 gained 1.3%. Treasury bonds finished lower, the dollar was down, gold lost 0.9% and crude oil fell 0.8% despite increases expectations of an extension of the OPEC supply freeze agreement from late last year.

Financials led the way with a 2.2% gain while yield-sensitives including REITs and telecoms finished lower. Real estate names lost 0.9%. Breadth was solidly positive, with 2.5 advancers for every decliner. NYSE volume totaled 907 million shares, 112% of the 30-day average.

AK Steel Holding Corporation (NYSE:AKS) gained 6% on an upgrade to overweight from analysts at Macquarie on expected improvements in earnings on improving steel market demand. Hasbro, Inc. (NASDAQ:HAS) gained 5.9% on a Q1 earnings and revenue beat. And Whole Foods Market, Inc. (NASDAQ:WFM) gained 2.1% after the FT reported Albertson’s could be exploring a takeover.

Wayfair Inc (NYSE:W) lost 5.4% after Amazon.com, Inc. (NASDAQ:AMZN) representatives reportedly told members of the Furniture Marketing Group of plans to a launch a new furniture sellers program.

Turning to the French election, the victory of centrist Macron and anti-globalist Le Pen in the first round of the presidential election diminished concerns of a “Frexit” and increased confidence in Europe’s economic recovery. The runoff vote will be held on May 7.

Here at home, the “Trumpflation” trade is getting another lift on reports President Trump is refocusing on tax cut efforts reportedly telling advisors to prioritize rate reductions over deficit concerns. A plan will reportedly be unveiled on Wednesday. The specter of a government shutdown on April 28 also appears to be fading somewhat, with the consensus view that a short-term bill covering one to two weeks is likely to be passed to facilitate long-term negotiations between Democrats and Republicans.

Anthony Mirhaydari is founder of the Edge and Edge Pro investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.