11/07/2016 08:15 EST | Updated 11/07/2016 11:46 EST

Global Stocks Soar On News FBI Won't Charge Clinton

But markets won't really bounce until "Clinton is declared the winner."

TORONTO — North American stock markets were soaring amid news the FBI found no evidence to warrant charges against Hillary Clinton after reviewing new emails linked to presidential candidate.

Markets seemed to reflect the increased likelihood of a Clinton victory over Republican nominee Donald Trump, as the FBI cleared her in relation to her use of a private email server. U.S. voters are set to head to the polls on Tuesday.

Democratic presidential candidate Hillary Clinton campaigns at the base of the John A. Roebling Suspension Bridge in Cincinnati, Monday, Oct. 31, 2016. (Photo: The Associated Press/Matt Rourke)

In Toronto, the S&P/TSX composite index rose 114.74 points at 14,623.99, nearly two hours after the opening bell.

The gains were even bigger south of the border with the Dow Jones industrial average ahead 304.79 points to 18,193.07 and the S&P 500 up 39.97 points to 2,125.15. The Nasdaq composite jumped 110.85 points at 5,157.22.

Oil markets were also up, with the December crude contract climbed 27 cents to US$44.34 per barrel. The boost helped lift the Canadian dollar up 0.03 a U.S. cent to 74.64 cents US.

In other commodities, December natural gas added three cents to US$2.80 per mmBtu. December gold lost US$24 to US$1,280.50 an ounce and December copper contracts were up four cents to US$2.30 a pound.

"Markets are likely to remove some of the risk premium taken as a precaution against a (Donald) Trump victory now that Hilary Clinton will not be charged over her use of a private email server,'' Ric Spooner, chief market analyst at CMC Markets, said in a commentary.

"However, an element of uncertainty remains over this election. It seems unlikely that markets will make a full 'risk on' move until Clinton is declared the winner.''

With a file from Youkyung Lee, The Associated Press

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