Stocks, in another choppy session, closed higher on Monday, as the U.S. prepares for the presidential election and as fresh polling shows key Senate races are narrowing in states including Iowa, North and South Carolina.
This as President Trump and Joe Biden both double down on key states.
The Dow Jones Industrial Average added 423 points or 1.6% while the S&P 500 rose 1.2%.
The Nasdaq Composite bounced between losses and gains, but still tacked on 0.4% despite declines in Apple, Amazon Facebook and Twitter.
Investors shrugged off rising COVID-19 cases with the U.S. surpassing 9 million infections on Friday, a number that is expected to move sharply higher as the colder weather sets in across the country. More than 228,000 people in the U.S. have died as a result of the virus, according to data from Johns Hopkins University.
Rising lockdowns continue to hurt oil prices, though West Texas Intermediate crude bounced back above the $37 per barrel level. Investors do remain concerned a victory by Democratic presidential candidate Joe Biden would be bearish for the oil and gas industry.
On the earnings front, shares of consumer giant Clorox rallied after posting a strong quarter, in part due to the demand for disinfectant products during the pandemic.
Estee Lauder shares gained as business rebounded in key areas such as China.
Investors also heard from Marathon Petroleum, which said third-quarter profit and revenue missed analysts' estimates.
In deal news, investors bought into Dunkin Brands after confirming it will be taken private in an $8.7 billion dollar deal led by Inspire Brands, parent of Arby's, Buffalo Wild Wings and Sonic Drive-In.
On the economic front, the University of Michigan released its final reading for consumer sentiment in October, coming in slightly above estimates at 81.8, compared to forecasts for 81.2. Chicago PMI data showed continued improvement, with a reading of 61.1, compared to expectations of a reading of 59, indicating expansion.
ISM Manufacturing showed continued economic expansion, with a reading of 59.3, compared to expectations of 55.7. Construction spending rose 0.3% in September, compared to a rise of 0.9%.
These reports followed improving stats out Friday on Personal income which rose 0.9%, compared to expectations of 0.3%, while spending rose 1.4%, also ahead of expectations.
EARNINGS AFTER THE BELL
After the close of trading, PayPal Holdings Inc., Mondelez International Inc. and Skyworks Solutions Inc. will be among the companies releasing results.
In other commodities, gold ticked higher to $1,890.40 an ounce.