BUENOS AIRES, Argentina — Markets in Argentina rallied, the peso surged and government bonds jumped on Monday as President Javier Milei hailed his party’s resounding victory in midterm congressional elections as a mandate to press ahead with radical free-market reforms of Argentina’s long-troubled economy.

Investors regained confidence in the chronically depreciating peso they had been dumping in droves just last week to hedge against a Milei defeat . The currency surged more than 10% to trade at over 1,300 per dollar on Monday. Argentine stocks soared as much as 40% during the trading day and the country’s dollar-denominated bonds set to expire in 2035 rose more than 10 cents after markets opened.

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