The Dow Jones Industrial Average gained 0.38%, the tech-heavy Nasdaq rose 0.35% and the broad-based S&P 500 advanced 0.32%, according to final results from the session.

Last week was "a good week for stocks. In fact, it was the best week for the S&P 500 and the Nasdaq since November," said Briefing.com's Patrick O'Hare.

The S&P 500 climbed 2.7% and the Nasdaq jumped 4.2%, while the Dow gained 0.7%.

Tesla was the star performer on Monday.

Shares of the electric-car maker jumped 15.31% to $194.05, their highest level in two months.

The gain comes after Tesla had lost more than 40% of its value year-to-date through last week.

The enthusiastic buying by investors followed a weekend trip to Beijing by Elon Musk, where he met with Premier Li Qiang and secured regulatory approval for the data collected by his vehicles.

Musk is now on track to win approval for his "Full Self Driving" feature, thanks to a partnership with local internet giant Baidu for mapping and navigation.

"This was a major step forward for Musk and Beijing as Tesla faces increasing domestic EV competition in China and softer demand," commented Wedbush's Dan Ives.

On the macro front, the week will be dominated by the Federal Reserve's policy meeting, which concludes with a statement Wednesday.

Investors do not expect the central bank to lower its benchmark interest rate, given that inflation remained elevated in March, rising 2.7% year-over-year, according to the PCE index.

The statement "will be parsed for any change in language, with a 97% probability priced in for the Fed to stand pat on rates," said Art Hogan of B. Riley Wealth Management.

"The press conference by [Fed Chair Jerome] Powell will be closely watched for any signals on the timing of the first rate cut," the analyst added.

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