A closely watched gauge of expected stock-market volatility dropped sharply on Monday, as a global relief rally sent equities soaring following a first-round French presidential election result that offered few surprises, MarketWatch reports.

The Chicago Board Options Exchange Volatility Index, or VIX, was down nearly 22% at 11.45 Eastern Time on Monday, trading at its lowest level in more than two weeks. The VIX, often referred to as Wall Street's fear gauge, had hit its highest level of the year early last week as jitters over the French election and other concerns.