TSX soars, Dow Jones climbs 370 points as FBI clears Clinton of wrongdoing

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Monday’s rally was in sharp contrast to last week’s performance, which saw all three U.S. stock markets on a seven-session losing streak that was spurred after the FBI announced its new investigation into Clinton’s email — a move that was viewed to increase Trump’s chances of winning.

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Investors generally view Clinton as a more stable candidate for stock markets than Trump.

Even so, Pyle said he was still surprised by how big the “knee-jerk reaction” was to the latest FBI news.

He said at this point, if Trump secures the vote, markets will be caught by surprise — somewhat similar to how investors were shocked when the U.K. defied predictions and recently voted to leave the European Union.

A Trump victory has the ability to send stock markets tumbling. Pyle anticipates the S&P would fall to post-Brexit lows, below the 2,000-mark.

But unlike Brexit, the common term used for Britain’s exit from the EU, it’s unclear what kind of impact a Trump presidency would have on the U.S. economy and how long that impact may linger.

“Most would agree that if Trump wins tomorrow, we are dealing with a four-year term full of policies that the market has been pretty unambiguous in their view that they wouldn’t be economically positive or market positive,” said Pyle.

In Toronto, the S&P/TSX composite index rose 143.20 points at 14,652.45, with gains kept slightly in check by a decline in gold stocks. December bullion tumbled $25.10 to US$1,279.40 an ounce.

Oil markets were also up, as the December crude contract climbed 82 cents to US$44.89 per barrel. The boost helped lift the Canadian dollar up 0.17 a U.S. cent to 74.78 cents US.

Other commodities were also positive as December natural gas added five cents to US$2.82 per mmBTU and December copper contracts gained four cents to US$2.30 a pound.

Follow @LindaNguyenTO on Twitter.

Linda Nguyen, The Canadian Press