STORY: U.S. stocks rose on Monday as investors focused on Tuesday's midterm elections that will determine control of Congress.

Republican candidates have picked up momentum in polls and analysts expect a split government, with the GOP winning the House of Representatives and possibly the Senate, as the likely outcome possibly hindering Democratic President Joe Biden's agenda.

"Generally speaking, the times historically, where I've lived through this, where the market has done the best is when there is the potential for stalemate," said Jones. "The great thing about stalemate is it's predictable."

But Jones said investors are more focused on whether the U.S. Federal Reserve will raise interest rates by 50 basis points or 75 basis points at the central bank's meeting in December.