The alternator warning lamp is your guide. You charged the battery overnight. The car will run on the battery voltage until it starts to drain. Thus cuasing your slow steady loss of operation. Once the battery is drained below the required needs for your car, it will surely stall.
How deep into the water was the vehicle? If it was up to the doors, you may have shorted out the alternator. Water conducts..
Is your charge lamp on solid, or does it dimm if you rev the engine? If the light dimms when you increase engine speed, I would check the alternator brushes. Volvo alternators have replaceable brushes
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