Stocks rallied after the Federal Open Market Committee (FOMC) announced a widely anticipated decision to hold its benchmark interest rate steady on Wednesday, even as markets priced in rising probability of more war in the Middle East. The main equity indexes were comforted by Fed Chair Kevin Warsh's explanation for the pause, as well as a new change to FOMC meetings moving forward, but still weakened late in the session.

According to The Wall Street Journal , the U.S. is telling allies in the Persian Gulf region "to be prepared for a short, intense military campaign" against Iran following next week's midterm elections .

"We did a little cease-fire, which I never liked very much," President Donald Trump said at a campaign rally in Corinth, Mississippi, on Monday. "I consider it sort of a waste of time. But, you know, you like to listen to professionals."

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