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December 14, 2017
Monday, November 7, 2016

Wall Street soars ahead of US election

Wall Street surged on the eve of the US presidential election, with Democratic nominee Hillary Clinton's prospects brightening after the FBI said it would not press criminal charges against her over the use of a private email server.

US stocks on Monday racked up their biggest one-day percentage gain since March 1, while a volatility measure recorded its biggest drop since late June.

The iShares MSCI Mexico ETF, known of late as the "Trump ETF," soared 5.12 percent and notched its best day in more than five years. The exchange-traded fund is viewed as a barometer for expectations that Republican Donald Trump could win the election since his policies are considered negative for Mexico.

The FBI said on Sunday it stood by its July finding that Clinton was not guilty of criminal wrongdoing, after announcing on Oct. 28 it was reviewing additional emails relating to her use of a private server while secretary of state.

While polls last week showed Trump had been closing the gap, at least five major polls on Monday showed Clinton still had the lead in the race for the White House.

Wall Street had closed lower for nine days in a row through Friday, its longest losing streak in more than 35 years.

Investors have tended to see Clinton as a more status quo candidate. On the other hand, Trump's stance on foreign policy, trade and immigration has unnerved the market.

"Markets like certainty and predictability," said Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina. "I don't see another 5 percent bump on a Clinton win, but I could see a 5 to 7 percent pullback on a Trump win."

The Dow Jones industrial average jumped 2.08 percent to end at 18,259.67 points and the S&P 500 surged 2.22 percent to 2,131.52. The Nasdaq Composite added 2.37 percent to 5,166.17.

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Tags:  US  stocks  shares  Wall Street  Clinton  Trump  elections  markets  





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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia