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Benchmarks ended higher on Monday after the FBI said that it would not press criminal charges against Democratic nominee Hillary Clinton. Financial markets in general view a Clinton win as the better outcome in today’s election, as it presents more stability for markets than a Trump presidency. All the three indexes posted their biggest one-day percentage gain since March, while a volatility measure recorded its biggest drop since late June.

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.

The Dow Jones Industrial Average (DJI) advanced 2.1%, to close at 18,259.60. The S&P 500 gained 2.2% to close at 2,131.52. The tech-laden Nasdaq Composite Index closed at 5,166.17, increasing 2.4%. The fear-gauge CBOE Volatility Index (VIX) plunged 16.3% to settle at 18.84. A total of around 7 billion shares were traded on Monday, higher than the last 20-session average of 6.7 billion shares. Advancers outpaced declining stocks on the NYSE. For 80% stocks that advanced, 18% declined.

Stocks Had Best Day Since March

Stocks had their best day on Monday since March, thanks to no further action over Clinton’s emails. The Dow reclaimed the key 18,000 level and the S&P 500 snapped its nine day losing streak, the longest since 1980.

The FBI said that no new evidence was found to warrant charges against Clinton, a sign of relief among investors who see the chances of a Trump presidency failing. The presidential election was jolted over a week ago and Clinton’s lead in the polls took a toll when she faced charges related to her email practices while secretary of state. She was being investigated on her use of a private server and handling of classified information.

While the Clinton campaign said that they were “glad” that the lingering concern has been resolved, the FBI decision led to an angry series of denunciations by the Republicans. They raised questions about the effectiveness of the bureau’s review.

Will Clinton or Trump win the US election?

According to the final Reuters/Ipsos States of the Nation project, Clinton has a whopping 90% chance of making it to the White House. The survey also mentioned that any upset by Trump is only possible if there is an unlikely turnout of white, black and Hispanic voters in six or seven states (read more: Clinton's Odds of Winning Presidency High: Top 5 Picks).

While a number of polls and prognosticators indicate Clinton is ahead of Trump, there is one indicator that buck’s the trend. Per the S&P 500 stock market index, Trump has an 86% chance of winning the election. The indicator has almost been correct 86.4% of the time since 1928. And the last time it was incorrect was when Ronald Regan won in 1980.

Bloomberg added that more or less the incumbent party wins the election when the stock market goes up. However, the S&P 500 is down 3.2% since Aug 8, a good sign for Trump (read more: 3 Stocks to Watch After Donald Trump's Debate Performance).

Broad-Based Gains

Monday’s gains were broad based, with all the S&P 500 sectors ending in the green. The Health Care Select Sector SPDR (XLV) gained 2.56%, the highest among the S&P 500 sectors. Key stocks from the sector including Johnson & Johnson (JNJ - Free Report) and Pfizer Inc. (PFE - Free Report) increased 1.4% and 1.3%, respectively. Both these companies possess a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stocks That Made Headlines

Marriott Beats on Earnings in Q3, Issues Guidance

Shares of Marriott International Inc. (MAR - Free Report) declined nearly 3% in afterhours trading on Nov 7 after the company posted mixed third-quarter 2016 results. (Read More)

Hertz Down on Q3 Earnings Miss, 2016 Guidance Cut


Shares of Hertz Global Holdings Inc. (HTZ - Free Report) tanked nearly 31% in the after-hours trading session on Nov 7 as the company’s third-quarter 2016 earnings and sales lagged expectations. (Read More)

Dean Foods Q3 Earnings Meet, Bright View Drives Stock

Dean Foods Company (DF - Free Report) posted third-quarter 2016 results, wherein earnings matched estimates and sales surpassed the same. (Read More)

International Flavors Lags Q3 Earnings, View Revised

International Flavors & Fragrances Inc. (IFF - Free Report) reported lower-than-expected results for third-quarter 2016. (Read More)

News Corp Posts Q1 Loss, Revenues Miss Estimates

Rupert Murdoch-controlled News Corporation (NWSA - Free Report) commenced fiscal 2017 on a dismal note, slipping into loss in the first quarter. (Read More)

Endo Q3 Earnings & Revenues Beat; View Intact

Endo International plc’s (ENDP - Free Report) third-quarter 2016 earnings of $1.01 per share were significantly above the Zacks Consensus Estimate of 81 cents. (Read More)

Andersons Q3 Earnings & Revenues Miss Estimates

The Andersons Inc. (ANDE - Free Report) reported third-quarter 2016 earnings of 6 cents per share, marking a reversal from the prior-year quarter’s loss of 4 cents per share. (Read More)

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