U.S. stocks ended virtually unchanged near all-time highs, while the dollar rose with Treasury yields as volatility drained from financial markets after a convincing defeat of populism in France’s presidential election.
The CBOE Volatility Index slumped to its lowest closing price since 1993. The S&P 500 Index rose by less than one point to close at a fresh record. The euro weakened after climbing for five of the past six days, as the result of the French vote was largely priced into equity markets. That added to dollar gains, while declines in Treasuries sent the 10-year yield to 2.38 percent. Oil edged above $46 a barrel.