Marc Chandler, strategist for Brown Brothers Harriman, said that investors are in "wait-and-see mode" before Tuesday's Congressional testimony by Federal Reserve Chairwoman Janet Yellen.
This will be Yellen's first time testifying since taking control of the central bank this month. Investors will be watching to see if she sheds any light on plans to further taper, or slow down, the Fed's stimulus program.
Most Asian markets ended with sizable gains. The Nikkei in Japan was up 1.8% and the Shanghai Composite pushed up by 2%. But both of these indexes are still in negative territory since the start of 2014.