Financials, industrials, health care and technology sectors paced the advance
The stock market began the week on a broadly higher note on Monday, 07 November 2016 at Wall Street as diminished political uncertainty boosted risk appetite ahead of tomorrow's US presidential race. U.S. stocks on Monday had their best day since March on a percentage basis after the Federal Bureau of Investigation said its review of a new batch of Democratic presidential nominee Hillary Clinton's emails won't lead to charges. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.
The Dow Jones Industrial Average soared 371.32 points, or 2.1%, to close at 18,259.60. The Nasdaq Composite Index climbed 119.80 points, or 2.4%, to end at 5,166.17. The S&P 500 index rose 46.34 points, or 2.2%, to finish at 2,131.52.
Financials, industrials, health care and technology paced the advance. The controlled action likely came with the understanding that the presidential race remains fairly tight.
In the financial sector, Goldman Sachs and J.P. Morgan Chase each gained more than 3%.
In the technology sector, Dow components Intel and Microsoft gained 3.2% and 3.0%, respectively. Intel finished at the top of the price-weighted average.
Today's economic data was limited to the Consumer Credit report for September. Total outstanding consumer credit increased by $19.3 billion in September (consensus $17.5 billion) after increasing an upwardly revised $26.8 billion (from $25.9 billion) in August.
The dollar saw big gains, with the ICE Dollar Index which measures the greenback against a half-dozen rivals, up 0.7%.
Gold was down sharply, after gaining 2.2% last week. December gold ended today's session down $24.60 (-1.9%) to $1279.90/oz. December silver closed today's session $0.21 lower (-1.1%) at $18.16/oz.
Oil prices rose more than 1%. Crude oil rallied off of 6-week lows hit on Friday, snapped its 6-session loss streak, saw a boost ahead of tomorrow's Presidential election. December crude oil futures rose $0.74 (+1.7%) to $44.82/barrel.
Treasuries finished on a lower note as the long end of the curve underperformed. The yield on the 2-yr note finished higher by three basis points (0.82%) while the yield on the 10-yr note ended up five basis points (1.83%).
Today's trading volume was above the average of 861 million as more than 889 million shares changed hands at the NYSE floor.
Tomorrow's economic data will be limited to the Job Openings and Labor Turnover Survey for September, which will be released at 10:00 ET.
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