The Dow Jones Industrial Average climbed 423.31 points, or 0.83%, to finish at 51,654.95, while the S&P 500 rose 0.59% to 7,811.54, nearing record territory. The Nasdaq Composite followed suit, gaining 0.64% to 27,366.17. Despite the optimism, traders remain wary of Hurricane Isaias, which threatens to further constrain energy supplies already stretched thin by the ongoing regional conflict.

Oil futures edged up 0.4% to $91.85 a barrel. Conversely, diesel futures softened after the White House announced a deal for Russia to supply hundreds of thousands of tons of fuel to support domestic farmers and truckers. Meanwhile, Treasury yields held near multidecade highs as investors weighed persistent inflation and Federal Reserve policy. The 10-year note yield ticked up to 5.243%, while the two-year note rose to 4.789%.

Political friction remains a backdrop to the financial gains. Trump has ordered a White House committee to investigate mortgage fraud allegations against Fed governor Lisa Cook, with a hearing set for November 5. Former Fed Chair Jerome Powell described the move as a potential threat to the central bank's institutional independence.