Stocks, Dollar Rally After FBI Finds No New Evidence to Charge Clinton

 

Mexican peso also gains while Japanese yen, gold fall

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Nov. 7, 2016 3:39 a.m. ET

Stocks and the dollar jumped Monday while gold and the yen sold off after the FBI said that no new evidence was found to warrant charges against Hillary Clinton, just two days before polls close in the U.S. presidential race.

Futures pointed to a 1.3% opening gain for the S&P 500, on track to end its longest losing streak in nearly 36 years. The Stoxx Europe 600 climbed 1.2% in the early minutes of trading, led by banks and energy companies, while Japan’s Nikkei Stock Average added 1.6%, helped by a weaker yen.

Many investors believe a victory for Mrs. Clinton would be more supportive of risky assets such as stocks, at least in the short term, and that a period of market calm would also help keep the Federal Reserve on track to raise interest rates in December, propping up the dollar.

Democratic presidential candidate Hillary Clinton gave two thumbs up as she took the stage to speak at a rally at C.B. Smith Park in Pembroke Pines, Fla., on Saturday.
Democratic presidential candidate Hillary Clinton gave two thumbs up as she took the stage to speak at a rally at C.B. Smith Park in Pembroke Pines, Fla., on Saturday. PHOTO:ASSOCIATED PRESS
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The WSJ Dollar Index, which measures the dollar against a basket of 16 currencies, was last up 0.5%, with the dollar up 1.3% against the yen, 0.7% against the euro and 0.9% against the British pound. The Mexican peso, which has tended to move inversely to the probability of  Donald Trump winning the election, jumped up 2.2% against the dollar.

Energy companies gained in Europe on Monday, lifted by a rise in oil prices. Brent crude oil was up 1.1% at $46.09 a barrel and copper futures gained 1.8% to $5,072 a ton. Gold fell 1.2% to $1,289 an ounce.

Banks in Europe also gained. HSBC Holdings PLC rose 3.1% after the lender, which posted a loss for the third-quarter, reported a growing capital buffer that lifted hopes for extra buyouts in the coming years.

–Margot Patrick contributed to this article.

Write to Riva Gold at riva.gold@wsj.com

http://www.wsj.com/articles/stocks-dollar-rally-after-fbi-finds-no-new-evidence-to-charge-clinton-1478507955

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One Response to “Stocks, Dollar Rally After FBI Finds No New Evidence to Charge Clinton”

  1. daveyone1 Says:

    Reblogged this on World Peace Forum.

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