New Delhi, Oct. 28 -- 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% on Monday after markets opened, closing 3% higher at 1,460 pesos per dollar.

Argentina's local Merval stock index finished with a 21% gain at closing and the country's dollar-denominated bonds set to expire in 2035 rose as much as 14 cents during trading hours....