The stock market is often the best gauge for who will be elected president.
On the eve of the U.S. presidential election, with Hillary Clinton running against Donald Trump, the Dow closed up 371 points. This happened Monday after FBI director James Comey said the FBI is not recommending criminal charges against Clinton over her emails.
The broad market broke a nine-day losing streak, Wall Street’s longest in 36 years, as investors again started to price in their base case of a Clinton win and split Congress.
In a letter to Congress on Sunday, Director Comey said the FBI is standing by its original findings, made in July, that Clinton should not be prosecuted for her handling of classified information over email as secretary of State.
Comey, of course, had roiled the financial markets back on Friday, Oct. 28, when he sent a letter to Congress saying he was reviewing more emails tied to Clinton found in an unrelated case.
From USA TODAY:
Investors around the globe responded bullishly to news that the FBI investigation related to Clinton’s emails was over, as they interpreted the news as boosting Clinton’s chance to win the tight election race with Republican challenger Donald Trump as well as clearing a legal hurdle for Clinton in the event that she does prevail tomorrow on Election Day.
Clinton is viewed as a more status quo candidate and, therefore, more palatable to Wall Street. Trump, who is more unpredictable, is viewed less market-friendly by investors as it is hard to get a good handle on what a Trump administration might look like and how his views on trade would impact asset prices around the world.
Are you ready to say Madam President???
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