The daily business briefing: November 8, 2016

Markets cautious on Election Day, prosecutors raid Samsung headquarters, and more

The Samsung logo at the company's HQ
(Image credit: JUNG YEON-JE/AFP/Getty Images)

1. Stocks surge, then simmer down as Election Day arrives

U.S. stocks surged by more than 2 percent on Monday — the eve of Tuesday's presidential election — as investors reacted to the FBI's announcement that it had found no grounds for filing charges against Democratic nominee Hillary Clinton over newly discovered emails linked to the server she used as secretary of state. The gains snapped a nine-day losing streak, Wall Street's longest slide since December 1980. The market had priced in a victory for Clinton, who is seen as likely to stay the course on financial matters, and stocks started losing ground after the FBI announced it was looking at the new emails and Clinton's polling lead over Republican rival Donald Trump narrowed. Global stocks edged up cautiously on Tuesday as voting started.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.