The Dow Jones Industrial Average rose 64.13 points, or 0.18 percent, to 35,741.15. The S&P 500 was up 21.58 points, or 0.47 percent, to 4,566.48. The Nasdaq Composite Index jumped 136.51 points, or 0.90 percent, to 15,226.71.
Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and energy up 2.11 percent and 1.44 percent, respectively, leading the gainers. The utilities and the financials groups, however, struggled.
U.S.-listed Chinese companies traded roughly flat with five of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
Investors are awaiting quarterly results from a number of key tech-related companies. Facebook delivered earnings after Monday's market close, and other big names, including Alphabet, Microsoft, Amazon and Apple, are slated to report later this week.
Of the 117 companies in the S&P 500 that have reported so far, 84 percent posted numbers that beat estimates, according to Refinitiv.
The start of the third quarter earnings season has been confirming that the pace of earnings growth has been moderating, which "was to be expected given the unusually strong second quarter, along with headwinds from supply chain disruptions, rising energy costs, and a renewed wave of COVID-19 infections," analysts at UBS said Monday in a note, adding there are "encouraging signs within the detail of the results that supports our positive stance on equities."
"It looks like earnings per share (EPS) growth will exceed our 30 percent estimate for the quarter. This week almost 50 percent of the S&P 500 market cap will report. We maintain our 2021 S&P 500 EPS estimate of 45 percent growth and our 2022 estimate of 10 percent growth," said Mark Haefele, chief investment officer at UBS Global Wealth Management.
For the week ending Oct. 22, the Dow rose 1.1 percent, the S&P 500 was up 1.6 percent, and the Nasdaq Composite advanced 1.3 percent.
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