U.S. stocks rallied on Monday on renewed market confidence in a Hillary Clinton win come Tuesday evening.
The Dow Jones Industrial Average climbed 1.7%, up more than 300 points. The S&P 500 was up 1.9%, and the Nasdaq jumped 2.3%. Stocks had previously fallen for nine straight sessions with the S&P 500 suffering through its longest losing streak in more than 35 years.
FBI Director James Comey updated Congress on Sunday that a new investigation into emails tied to Democratic presidential candidate Clinton would not bring any charges. Wall Street had been on edge for the past week after Comey announced the new investigation, making the results of the U.S. presidential election more of an uncertainty.
Republican presidential candidate Donald Trump's poll numbers had crept higher throughout the week before plateauing at around a 35% chance of winning the presidency, according to FiveThirtyEight. Separate national polls give Clinton the 48% to Trump's 44%.
Nearly 42 million Americans have already cast their ballots in early voting, a record number which has skewed toward Democrats. Voters head to the polls on Tuesday when election sites officially open.
"Financial markets are going to stay febrile as we enter the last throes of the campaign," Luke Hickmore, senior fixed income fund manager at Aberdeen Asset Management, wrote in a note. "Investors were largely concluding that Hillary would win before the FBI announced it was looking at the new emails last week. With that issue now out of the way, financial markets will probably double down on Hillary winning."
The Mexican peso, seen as a measure for Trump's chances of winning, surged 1.7% against the U.S. dollar. The peso has fallen when Trump's chances have risen as investors worried over the state of trade relations between the two countries under a Trump administration. Safe-haven assets such as gold fell on Monday. Gold prices declined 1.3% to $1,287.20 an ounce after topping $1,300 last week.
