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Illustration by Mike Haddad

Stocks are higher across the board on Wednesday, on hopes that a stimulus deal could still happen ahead of Election Day.

The Dow Jones Industrial Average is up 1.6%, while the S&P 500 is 1.3% higher and the Nasdaq Composite is rising 1.5%.

A tweet from the White House was enough to quash hopes of another round of government aid Tuesday, but those same hopes got new life after the president appeared to reverse course.

That said, while the picture might look brighter than it did Tuesday, there is no agreement on a stimulus package, and “investors should expect greater market volatility until a deal can be reached,” notes Michael Arone, chief investment strategist for the U.S. SPDR business at State Street Global Advisors.

Indeed, volatility may be the only constant in the coming weeks. “Markets have been struggling to find a clear direction in recent weeks due to a lack of positive catalysts and a rising number of uncertainties dampening the market mood,” Milan Cutkovic, market analyst at AxiCorp. wrote. “Volatility is only going to increase ahead of the U.S. Election Day, and the rally is on shaky legs.”

Among individual stocks, Amazon.com (ticker: AMZN) is up 2% as analysts argue that the e-commerce giant is a buy ahead of next week’s Prime Day event.

Carnival (CCL) is up 3.2%, Royal Caribbean (RCL) is up 2% and Norwegian Cruise Line Holdings (NCLH) is up 4% after J.P. Morgan lifted its price targets for the group.

Levi Strauss & Co. (LEVI) is up 7% after it turned a surprise profit in its third quarter.

Netflix (NFLX) is up 5% after Pivotal Research raised its price target to $650, a new high for the Street.

Write to Teresa Rivas at teresa.rivas@barrons.com