Stocks are surging after the FBI ends its Clinton investigation

US stocks are spiking on Monday, the day before the US presidential election.

After declining for 9 days in a row, the S&P 500 is trading higher by more than 1.5% at 2,117 as of 9:50 a.m. ET. Both the Dow Jones Industrial Average and the Nasdaq were up by around 1.5% as well.

The move comes the day after the FBI announced that it had concluded its investigation to new emails found as part of its investigation into Democratic presidential candidate Hillary Clinton's use of a private email server while acting as Secretary of State.

"Based on our review, we have not changed our conclusions that we expressed in July with respect to Secretary Clinton," wrote FBI director James Comey in a letter to Congress.

Many analysts cited the heightened uncertainty following the announcement that the investigation was being re-opened as the cause of the multi-day decline in stocks.

The US Treasury market is also seeing a large move with the 10-year bond yield moving up by just over 3.5 basis points and the 5-year gaining 4.1 basis points to near 1.82% and 1.28%, respectively.

Additionally, the US dollar index is stronger by roughly 0.5%.

This follows higher trading in overseas stocks in both Europe and Asia overnight.