The energy sector was booming on the S&P 500 early Monday as oil prices rallied and political fears subsided after the FBI said it closed, again, its investigation into Democratic presidential candidate Hillary Clinton's private emails.
West Texas Intermediate crude contracts for December delivery were up almost 1% and back above $44 per barrel after plummeting nearly $5, or 9.5%, last week on concerns over a production cut agreement from the Organization of the Petroleum Exporting Countries, or OPEC.
The S&P 500 index was up around 2% midday Monday, as FBI Director James Comey told lawmakers Sunday in a letter to Congress that nothing new had been unearthed in new batch of Clinton emails found on the laptop former Congressman Anthony Weiner shared with his estranged wife Huma Abedin, a longtime Clinton aide.
Comey said the new emails gave the FBI no reason to reverse its earlier recommendation that Clinton not face charges related to her handling of classified documents on a private email server.
Clinton has been long viewed as Wall Street's preferred presidential candidate, but the latest FBI headlines had given the Street a scare heading into election week.
Nevertheless, with the emails issue behind the Democratic nominee once again, and surging oil prices thanks to OPEC's reaffirmed commitment to cut output later this month, energy stocks were among the biggest market gainers.
Industry followers have noted in recent weeks that neither Hillary Clinton or her opponent, Republican nominee Donald Trump, are expected to be major game changers for the oil and gas industry.
Still, Hillary Clinton is seen by some as more of a pragmatist, meaning she might be less likely to attempt to change the status quo for U.S. oil and gas drillers.
Monday's market momentum may be evidence that as the energy industry begins to get its footing two years into a prolonged commodity downturn, an industry wide shakeup at the hands of politicians may not be a settling notion for investors.