Stocks rocketed higher on Monday, enjoying their biggest gains since the beginning of March, after centrist Emmanuel Macron won the first round of the country's presidential elections over far-right Marine Le Pen. 

The S&P 500 was up 1%, the Dow Jones Industrial Average added 1.1%, or 216 points, and the Nasdaq climbed 1.1%. The Nasdaq opened at a new record on Monday, while gains pulled the three indexes into the green for April. 

Macron and Le Pen will proceed to a presidential runoff after winning 23.75% and 21.53% of the weekend vote, respectively. The run-off for the country's presidency will be held on May 7. Polls suggest Macron holds at least a 20-point lead over Le Pen heading into the second round.

Macron's first-round win was seen as a victory for the European Union with the candidate likely to keep France in the bloc. Anti-European Le Pen would likely negotiate an exit from the EU, similar to what the United Kingdom is currently undergoing. 

European markets were also sharply higher on Macron's win. The CAC 40 in France surged 4.2%, putting stocks at a nine-year high, while Germany's DAX added 3%, and the FTSE 100 in London rose 1.8%. BNP Paribas (BNPQY) , France's biggest lender, rose more than 10% on French markets Monday, while Credit Agricole (CRARY) and Societe General (SCGLY)  also posted healthy gains. U.S.-listed shares of Deutsche Bank (DB) - Get Deutsche Bank AG Report rallied 10%. The U.S.-listed iShares MSCI France Index ETF (EWQ) - Get iShares MSCI France ETF Report roared more than 5% higher. 

"Relief: That is the word that basically describes the sharp moves in the markets today," said Fawad Razaqzada, market analyst at, in a note. "The threat that a Eurosceptic leader will preside over France has therefore diminished sharply. However, the prospects of an unlikely victory for Le Pen remains and that may dampen the enthusiasm expressed by investors today."

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Amazon (AMZN) - Get, Inc. Report added 1% after Wedbush Securities issued a bullish note on the stock. Analyst Michael Pachter increased his price target to $1,250, the highest of any Wall Street analyst, arguing that the company will likely see "substantial earnings growth." In a note, Pachter said the company "appears intent upon growing annual profits (with some quarterly volatility), which we expect to continue as the company invests in growth." Pachter also said Amazon Web Services will likely drive the bulk of growth. The online retailer is set to report on its recent quarter on Thursday. 

Immune Pharmaceuticals (IMNP) slumped 5% on Monday after announcing restructuring plans and receiving a warning from the Nasdaq that it was non-compliant with listing requirements after failing to file its 10-K for 2016 on time. Immune said on Monday that it plans to absorb its oncology unit into its Cytovia business, which could then be spun off into a separate company. 

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Congress will scramble to avoid a government shutdown this week by pushing through a continuing resolution. Negotiations will likely intensify on Friday ahead of the deadline at midnight, April 28. Office of Management and Budget Director Mick Mulvaney has said that money for President Trump's proposed border wall must be part of the spending bill Congress will look to pass, a major conflict for Democrats in opposition of the expensive project.