Traders cheered the results of the French election as it removed a high-risk event from the global markets' calendar that had been worrying them for months.
Monday and this week are shaping up to be a classic "risk-on" rally, as they say on Wall Street, as the CBOE Volatility Index, a measure of investor fear, plummeted in early morning trading.
The VIX was down more than 3 points, or 23 percent, in early trading Monday, on pace for its biggest drop since November.
If history is any guide, the rally this week may have another 2 percent to go for the S&P 500 with bank stocks leading the way.
CNBC, using Kensho, looked at what happened to financial markets when the VIX collapses by 20 percent or more over a week.
Here are the kinds of stocks that do well during a risk-on rally.
— CNBC's parent NBCUniversal is a minority investor in Kensho.