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.

Major indexes gained on Monday, with the S&P 500 and Dow hitting record closing highs, as U.S. stocks capped off a strong month and quarter.

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.