The stock market is entering the most volatile month of an election year — but the rally may be here to stay. Apple’s stock closes in on record high after upbeat call on iPhone availability.

The blue chip index closed above the psychologically significant 42,000 level for the first time ever Thursday.

Emerging markets have had a good run — the iShares MSCI Emerging Markets ETF is up 7.5% this month — with sentiment given a lift by China's stimulus and the Federal Reserve’s 50 basis point interest rate cut on Sept. 18. And still the sector remains undervalued and underowned, according to a team of analysts at JPMorgan.

Asian equities were lower, except for Mainland China and Hong Kong, as the former posted one of the all-time greatest days, while the latter had a good session, led by growth stocks and sectors.

China stocks rallied to their best day in 16 years, with related U.S. ETFs also soaring after recent economic stimulus buoyed investor optimism in the market. The Shanghai Composite rallied 8.06% in its best day since September 2008,

Chinese stocks rally after government stimulus - witness the best day since 2008. The Shanghai Composite had surged 8% in trade today on the back of the People's Bank of China's stimulus. It has unveiled its biggest stimulus since COVID-19.