WASH­ING­TON-A slim vic­to­ry for pro-Eu­rope par­ties Sun­day in an elec­tion in Greece should re­lax fears that a coun­try will leave the eu­ro for the first time and un­leash glob­al fi­nan­cial tur­moil. But when it comes to Greek pol­i­tics-and Eu­ro­pean eco­nom­ic pol­i­cy-it's nev­er that easy. So the bumpy ride for fi­nan­cial mar­kets isn't over yet.

The con­ser­v­a­tive New Democ­ra­cy par­ty, which sup­ports a bailout agree­ment that would keep Greece in the 17-coun­try eu­ro club, ap­peared to win enough votes to form a rul­ing coali­tion with an­oth­er pro-bailout par­ty. The re­sult fore­stalled what fi­nan­cial an­a­lysts had most feared-a vic­to­ry for Syriza, a left­ist par­ty that ob­jects to the terms of the bailout, speed­ing Greece to­ward an ex­it from the eu­ro and the world econ­o­my to­ward an un­pre­dictable shock.

Dow Jones in­dus­tri­al av­er­age fu­tures were up 85 points on Sun­day night, sug­gest­ing the mar­ket could open high­er Mon­day. But the an­a­lysts cau­tioned that any surge is like­ly to be brief. Neil MacK­in­non, glob­al macro strate­gist at the in­vest­ment bank VTB Cap­i­tal, told his clients that the elec­tion re­sult, com­bined with a Fed­er­al Re­serve meet­ing this week at which in­vestors hope for mea­sures to stim­u­late the US econ­o­my, could lift stocks. MacK­in­non cau­tioned, how­ev­er, that there are still too many prob­lems in Eu­rope, par­tic­u­lar­ly in Spain, plus ev­i­dence that the glob­al econ­o­my is cool­ing, to jus­ti­fy a cel­e­bra­tion.

AP