Stock Market Update

[BRIEFING.COM] The major averages remain near session highs just after midday as buying interest continues to broaden across the market.

Brazilian equities are seeing an especially strong rally following the surprise outcome of Sunday's presidential election. The Ibovespa is up roughly 8%, while the U.S.-listed iShares MSCI Brazil ETF (EWZ) and iShares MSCI Brazil Small-Cap ETF (EWZS) have surged 13% and 15%, respectively, after fiscally conservative candidate Flavio Bolsonaro performed well enough to force an October 25 runoff against incumbent President Lula da Silva. The Brazilian real has strengthened more than 4% against the dollar, while Brazil's 10-year yield has fallen sharply to 13.04% from 14.29%.