The Standard and Poor's 500 index rose 11 points (or 0.6 percent) to 1,883.84, posting gains across all segments. The Dow Jones Industrial Average jumped 128 points (or 0.8 percent) to 16,502.04, whereas the Nasdaq was up 27 points to 4,123.56.
Investors will be keenly awaiting the minutes for the Federal Reserve's last meeting held in April. The minutes are expected to be released at 2 p.m. EST, which could give investors and economists an insight into when the Fed is expected to raise short-term interest rates and by how much.
The Fed announced April 30, after the meeting, that it will continue to cut back its bong buying programs, saying that economic activity had lifted after being sluggish during the winter months. The Fed also said it wold take into account the higher than expected unemployment rate when it considers raising interest rates.
Investors will also be listening in to Fed Chair Janet Yellen delivering the commencement speech to New York University students at Yankee Stadium, and New York Fed President William Dudley, a voting member of the FOMC, who will hold a quarterly press briefing at 11 a.m. EST.