Argentine stocks and the peso surged Monday after a decisive victory for President Javier Milei in midterm elections seen as an endorsement of his radical free-market agenda.

Some stocks on the Buenos Aires Stock Exchange shot up more than 30 percent and the peso climbed over 6 percent against the dollar in midday trading amid widespread investor euphoria.

US President Donald Trump, who twice came to the financial and political rescue of his close ally in recent weeks, congratulated Milei on his "landslide victory."

"Our confidence in him was justified by the People of Argentina," Trump, who had threatened to withhold aid if Milei lost the vote, wrote on his Truth Social platform while on an Asian tour.

Argentina's 10-year government bond yields also tumbled on the results, signaling i

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