By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica

S&P 500 on track to snap 9-day losing streak

U.S. stocks jumped Monday, putting equities on track to snap a historic streak of daily losses, after the Federal Bureau of Investigation said its fresh review of Democratic presidential nominee Hillary Clinton's emails won't lead to charges, triggering a global relief rally on the eve of election day.

Gains were broad, with all of the S&P 500's primary sectors advancing on the day and major indexes up nearly 2%. The jump leaves the index on track to break a nine-day streak of losses, the longest since 1980, which had been triggered in part by polls showing a closer contest between Clinton, the Democratic nominee, and Republican Donald Trump.

Read: What happens after the S&P 500 falls 9 days in a row? (http://www.marketwatch.com/story/what-happens-after-the-sp-500-falls-9-days-in-a-row-2016-11-04)

The Dow Jones Industrial Average soared 311 points, or 1.7%, to 18,200. The S&P 500 index catapulted 40 points, or 1.9%, higher to 2,125.5. The Nasdaq Composite Index climbed 115 points, or 2.3%, to 5,161.

See:Will the Clinton relief rally for stocks last? What analysts say (http://www.marketwatch.com/story/will-the-clinton-relief-rally-for-stocks-last-what-analysts-say-2016-11-07)

Monday's advance is on track to be the largest one-day gain for the S&P 500 since March.

FBI Director James Comey informed lawmakers on Sunday that there were no new findings in the additional emails (http://www.marketwatch.com/story/fbi-review-of-clinton-emails-hasnt-led-to-new-findings-chaffetz-says-2016-11-06) discovered on the computer of former Rep. Anthony Weiner, whose estranged wife is Clinton aide Huma Abedin. News that the FBI had discovered fresh emails just over a week ago jolted the presidential election race, taking a toll on the Democratic nominee Clinton's lead in polls over rival Donald Trump.

"The rally is all about Clinton having a better chance of winning, though I don't think the market is celebrating her policies so much as reflecting how markets, like many Americans, are fearful of the unknown that comes with Trump," said James Meyer, chief investment officer at Tower Bridge Advisors.

Read: These 5 charts show the global relief rally after FBI clears Clinton--again (http://www.marketwatch.com/story/these-4-charts-show-the-global-relief-rally-after-fbi-clears-clinton-again-2016-11-07)

Financial markets in general view a Clinton win as the better outcome in Tuesday's election, as it presents fewer unknowns and possibly more stability for markets than victory for her rival.

While the day's gains were broad, financials were the biggest advancers. The S&P financial index popped 2.4%, boosted by a 2.6% rise in shares of Goldman Sachs Group Inc. (GS). J.P. Morgan Chase & Co. (JPM) climbed 2.9% to $69.69.

Read: Here are all possible election outcomes--and how markets will react (http://www.marketwatch.com/story/heres-every-possible-election-outcome-and-every-market-reaction-2016-11-04)

Despite the gains, the election should remain an overhang of uncertainty until a winner is decided. Investors are also paying close attention to what party will control the Congress and Senate.

See:An unclear election result would be worst outcome for stocks (http://www.marketwatch.com/story/an-unclear-election-result-would-be-worst-outcome-for-stocks-2016-11-05)

"How markets will perform from today's open through tomorrow's close is anybody's bet," said Meyer. "To the extent Clinton's probability of winning changes, the market will change with it."

The appetite for riskier assets triggered a global equity rally, with European stocks up more than 1%. In Asia, the Nikkei 225 index soared 1.6% as the Japanese yen fell against the dollar. The yen and gold are seen as assets that investors turn to in times of economic and political uncertainty.

Read:Election-inspired stock market volatility is overblown (http://www.marketwatch.com/story/election-inspired-stock-market-volatility-is-overblown-2016-11-05)

Gold was down 1.7%, after gaining (http://www.marketwatch.com/story/oil-prices-rebound-driven-by-latest-us-political-developments-2016-11-07)2.2% last week (http://www.marketwatch.com/story/gold-marooned-as-traders-brace-for-jobs-report-and-presidential-races-final-days-2016-11-04) on a boost in the polls for Trump. Oil (http://www.marketwatch.com/story/oil-prices-rebound-driven-by-latest-us-political-developments-2016-11-07) rose 0.6% on the day.

The dollar saw big gains, with the ICE Dollar Index , which measures the greenback against a half-dozen rivals, up 0.7% on the day.

The Mexican peso traded at $18.57 to the dollar, versus $19.02 earlier in Asia ahead of the FBI headlines. Many believe a Trump victory would harm the Mexican economy as the candidate has repeatedly promised to raise trade barriers and build a wall on the U.S.-Mexican border.

A reading on consumer credit is the only data due for release on Monday, expected at 3 p.m. Eastern Time.

Stocks to Watch: Shares of Warren Buffett's Berkshire Hathaway Inc.(BRKA) (BRKA)rose 2.3% after the multinational conglomerate posted results (http://www.marketwatch.com/story/warren-buffetts-berkshire-hathaway-posts-lower-profit-2016-11-04) late Friday.

Read:Cash at Buffett's Berkshire Hathaway hits record with stock market near highs (http://www.marketwatch.com/story/cash-at-buffetts-berkshire-hathaway-hits-new-record-with-stock-market-near-highs-2016-11-05)

Shares of LendingClub Corp.(LC) jumped 18% after results of the online credit marketplace beat forecasts (http://www.marketwatch.com/story/lendingclubs-stock-jumps-after-results-beat-expectations-2016-11-07).

Auction house Sotheby's (BID) posted a wider-than-expected loss, but revenue beat forecasts, sending shares up 5.6%.

(END) Dow Jones Newswires

November 07, 2016 11:54 ET (16:54 GMT)

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