Investors are bracing for a long night amid the contentious U.S. presidential race that will have big ramifications for the markets and economy.

During Thursday's trading session, the broad market index gained 0.7% to close at a new record. The tech-heavy Nasdaq jumped 1.5% and ended the session above 19,000 for the first time. Meanwhile, the 30-stock Dow was marginally lower. The three major averages all hit intraday record highs during the session.

Beyond the election, investors await the Federal Reserve's November rate decision due Thursday and fresh commentary from Chair Jerome Powell on the central bank's policy moves going forward. Traders are pricing in 98% odds of a quarter-point cut following September's half-point reduction, according to CME Group's FedWatch too l.

Investors are bracing for a long night amid the contentious U.S. presidential race that will have big ramifications for the markets and economy.

Those moves come after a winning session on Wall Street for the three major indexes. Notably, the blue-chip Dow broke a five-day losing streak, while the tech-heavy Nasdaq Composite notched its eighth positive session of the last nine.