NEW YORK (TheStreet) -- Controversies in the election have been pulling down the market this election cycle, Recon Capital CIO Kevin Kelly said on Fox Business' "Mornings with Maria Bartiromo" on Monday. The presidential election is eight days away.
The most recent scandal involves the FBI renewing its investigation into Democratic presidential candidate Hillary Clinton's email server this past Friday. The news "shocked" the markets, noted Fox Business' Maria Bartiromo.
Markets were weighed down because investors had previously felt like they knew what they were getting with Clinton, Kelly said.
"One of the reasons the market went down is because Hillary is such a known commodity and there wasn't any anticipation that the financial sector would be disrupted by her presidency or even the tech sector. And those are the two largest sectors," he explained.
Republican presidential candidate Donald Trump isn't a politician and thus instills less confidence in investors, Kelly noted. "They don't know where he stands and his policies have changed over trade, tariffs and that's kind of what's been pushed through, whether it's true or not, into the system. That's why when all of a sudden you saw this come out, the market fell. They got worried."
While the market recovered over the weekend as investors had time to process the news, the economy is still in need of repair, Kelly claimed. "Whoever becomes president, within the first 100 days, has to come up with a fiscal plan that can turn this economy around because the numbers are not great when it comes to the economy."