Shares of XP (NASDAQ: XP) were surging higher on Monday on what was a good day for the markets overall. The price rose as much as 10.5% at 2:46 p.m. ET and finished the day up 9.1% at $20.73. The stock price is down about 27% year to date (YTD).

The major indexes were all up big on Monday, as the Dow Jones Industrial Average was up 765 points (2.7%), the S&P 500 was up 93 points (2.6%), and the Nasdaq was up 240 points (2.3%).

XP is an investment management company based in Brazil. Todayʻs market jump is in direct relation to the presidential election that was held in Brazil on Sunday. Several financial firms based in Brazil also climbed higher on Monday, as my colleague Bram Berkowitz reported earlier today. 

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Source Fool.com