U.S. equities kicked off the week on a high note, trading sharply higher on Monday after the FBI again cleared Democratic nominee
"This is mostly a political-relief rally. The market tends to favor a divided-control scenario [in government] and this raises those odds," said Bruce McCain, chief investment strategist at Key Private Bank. "This is a week to settle out the election and then we'll see where investors turn their attention to."
The Dow Jones industrial average quickly rose more than 250 points at the open, with Goldman Sachs contributing the most gains to the tune of 29 points. The S&P 500 advanced more than 1.6 percent, as financials gained 2 percent to lead all sectors higher. The Nasdaq composite outperformed, rising 1.7 percent.
"In terms of the market and its possible response on Wednesday, today's reaction to the FBI news is obvious evidence that market participants have wrapped up the world in a nice and easy box," said Peter Boockvar, chief market analyst at The Lindsey Group.
"Hillary wins, good for stocks. Trump wins, bad for stocks. But, anyone who thinks deeper than this knows that the response is going to be much more nuanced. Ask any owner of a healthcare, financial or defense stock," he said in a note.
In a letter sent to Congress on Sunday,