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Dow Surges As FBI Clears Hillary Clinton Again

Monday, November 7, 2016 5:33
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hillary-clintonThe Dow Jones Industrial Average, along most other major stock indexes around the globe, were on the rise Monday morning after yesterday’s report that the FBI has ended its second investigation into Hillary Clinton’s leaked emails.

The S&P 500 had fallen for a near-record nine straight sessions heading into today, no doubt fueled by the re-opening of the investigation. From CNN:

“Based on our review, we have not changed our conclusions that we expressed in July,” Comey wrote in the new letter to congressional committee chairmen.

Comey dropped a bombshell on the presidential race last month when he sent a letter to Congress saying the FBI had discovered emails in a separate investigation that could be connected to the now-closed probe of whether Clinton mishandled classified information. The move infuriated Democrats and emboldened Republican nominee Donald Trump.

The prospect of the renewed investigation roiled financial markets over the past couple of weeks, as the odds of a Donald Trump presidential victory soared. Clinton had held what was considered a comfortable lead prior to the FBI’s decision to take another look at her massive email dump just 11 days prior to the election.

Trump is seen as more of an wild card for the financial markets, which dislike uncertainty above all else. In contrast, Clinton is seen as a more predictable and conventional political force.

After the news broke, Trump wasted no time going back on the attack. From a rally in Sterling Heights, Michigan “Hillary Clinton is guilty. She knows it, the FBI knows it, the people know it, and now it’s up to the American people to deliver justice at the ballot box on November 8.”

Stock futures exploded higher on the news this morning. Dow futures were up as much as 240 points, or 1.3%, while gold prices fell by a similar amount.

The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose $1.49 (+0.83%) to $180.20 per share in premarket trading Monday. Year-to-date, the only ETF that tracks the DJIA has gained 2.71%.

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