The Dow Jones Industrial Average climbed 316.14 points to reach 51778.04, while the S&P 500 added 1.14% to finish at 7637.76. The tech-heavy Nasdaq Composite led the gains, rising 1.69% to 26418.30. Treasurys also saw relief as yields retreated; the 10-year note fell 0.057 percentage points to 4.946%, pulling back from a 19-year high.

Economic indicators presented a fragmented picture. Housing starts dropped 2.6% in August to 1.275 million, signaling continued fragility in the property sector, though weekly jobless claims fell by 10,000 to 196,000. Corporate moves highlighted divergent sectors: Ultragenyx Pharmaceutical shares surged 13% after securing FDA approval for a rare-disease gene therapy. Conversely, private-equity firms like Blackstone and Apollo Global remained under pressure, with executives citing concerns that high interest rates are trapping capital in stagnant buyout funds. Meanwhile, Volvo Car announced a pivot toward plug-in hybrids as part of a 13-model rollout, and Mastercard introduced an AI-powered payment feature, though its shares dipped 0.4%.