Shares of Brazilian oil giant Petroleo Brasileiro SA Petrobras ADR (NYSE:PBR) (NYSE:PBRA) joined the ongoing rout of Brazilian stocks Monday, crashing 16.2% through 12:10 p.m. ET. Why? Incumbent Brazilian President Luiz Inácio Lula da Silva just beat conservative challenger Flávio Bolsonaro 51.8% to 48.2% in the second, run-off round of that country's presidential election. This result surprised investors who had bet that Bolsonaro's victory in the first round of voting, earlier this year, implied a likely victory for the conservative in Sunday's contest as well. But that didn't happen.
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