"Just tell me how oil is going to move on any given day, and I'll tell you how the stock market is going to go," Jack Ablin of Harris Private Bank told The Wall Street Journal. "Oil hasn't lost that power."

On the New York Mercantile Exchange, oil settled at $114.57 per barrel Monday.

By close Monday, the Dow Jones industrial average gained 48.03 points to 11,782.35, up 0.41 percent. The Nasdaq composite index rose 25.85 or 1.07 percent to 2,439.95. The Standard and Poor's 500 rose 9.00 or 0.69 percent to 1,305.32.

On the New York Stock Exchange, 1,955 stocks advanced and 1,158 declined on a volume of 1.26 billion shares traded.

The 10-year U.S. Treasury note fell 16/32 to yield 3.99 percent.

The dollar was mixed. The euro traded at $1.49 against Friday's close of $1.5018, while the dollar traded at 110.16 yen from Friday's 110.21 yen.

In Tokyo, the Nikkei average gained 262.50 points to 13,430.91, up 1.99 percent.

The FTSE 100 index in London rose 52.60 to 5,541.80, up 0.96 percent.