We develop a theory of spin-dependent phenomena in the streaming regime characterized by ballistic acceleration of electrons in the moderate electric field until they achieve the optical phonon energy and abruptly emit phonons. It is shown that the Dyakonov-Perel spin relaxation is drastically modified in this regime, the current-induced spin orientation remarkably increases, reaches a high value ≈2% in the electric field ∼ 1 kV cm −1 and falls with further increase in the field. The spin polarization enhancement is caused by squeezing of the electron momentum distribution in the direction of drift. We also predict field-induced oscillatory dynamics of spin polarization of the photocarriers excited into the conduction band by a short circularly polarized optical pulse.