Euro falls after French election fright

European shares rose and US stocks hit record highs yesterday, helped by corporate results, while uncertainty about French elections pushed the euro to its biggest loss in about three weeks.

The Dow Jones Industrial Average and the Nasdaq Composite hit record levels, while the S&P 500 was less than three points away from hitting another all-time high.

Fourth-quarter US earnings are estimated to have risen 8.2% — the best in nine quarters. The US trade deficit fell more than expected in December as exports rose to their highest level in more than one-and-a-half years, outpacing an increase in imports.