The Nasdaq composite and S&P 500 notched new all-time intraday and closing highs on Monday despite a narrow trading range as investors digested Emmanuel Macron's victory over Marine Le Pen in the French presidential election.
The indexes broke above their respective record intraday highs shortly after the open and eked out a record close. The Dow Jones industrial average also closed marginally higher, with Apple contributing the most gains.
"It's a case that everyone had priced in, but people were still scared about another Brexit," said Chris Gaffney, president of EverBank World Markets.
Macron cruised to win the French presidency, securing at least 65 percent of the vote in the election's second round. Investors across the globe largely expected this outcome as most polls projected the 39-year-old to win.
"We had the big move after the first round two weeks ago," said Phil Orlando, chief equity strategist at Federated Investors. "The market never discounts the same thing twice and that's why we're treading water."
Equities around the world rallied following the first round of the French election on April 23.
This is the second bullet global markets have dodged from European elections. Earlier this year, the Netherlands far-right party — led by Geert Wilders — came in second place in Dutch elections, a disappointment considering the party led most polls leading up to the election.
Also, a Le Pen victory would have raised questions about France's future in the European Union and the euro zone.