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NEW YORK (CNNMoney)
Early Monday, European investors cheered the formation of a new Italian government, ending weeks of political deadlock and uncertainty in a country mired by recession.
Italian stocks rallied nearly 2% after Enrico Letta was sworn in as Italy's prime minister. The news also pushed Italian bond yields to their lowest levels in more than two years.
The Dow Jones industrial average edged up 0.5%, the S&P 500 added 0.6%, and the Nasdaq gained 0.9%.
A better-than-expected report on pending home sales also fueled U.S. stocks. Sales jumped 1.5% in March, according to the National Association of Realtors, stronger than the 0.1% rise economists were expecting.
U.S. stocks are on track to end April with gains this week, which would mark the fourth straight positive month this year.
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Expectations of a further rate cut from the European Central Bank and continued monetary support from the Federal Reserve later this week were also lending support.
"The ECB meeting may be the most interesting event this week," wrote Marc Chandler, strategist for Brown Brothers Harriman, adding that the ECB indicated earlier this month that if economic data worsened, it was prepared to cut interest rates.
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What's moving: Shares of Moody's (MCO), Standard and Poor's parent McGraw Hill (MHP, Fortune 500) and Morgan Stanley (MS, Fortune 500) were big gainers after the firms settled two outstanding lawsuits, dating back to the financial crisis, that accused them of misleading investors about the risks involved with buying bonds backed by subprime mortgages.
J.C. Penney (JCP, Fortune 500) shares rose after the struggling retailer officially said it had secured a $1.75 billion loan from Goldman Sachs. Shares were also boosted by a New York Post report that claimed "at least" two major hedge funds have taken significant stakes in Penney, with one's investment worth over $10 billion.
In other corporate news, JPMorgan Chase (JPM, Fortune 500) announced Sunday that another of CEO Jamie Dimon's key executives, co-chief operating officer Frank Bisignano, is leaving the firm.
Earnings continue to roll in, with controversial supplements company Herbalife (HLF) and gun maker Sturm Ruger (RGR) set to release their quarterly results after the close. 
First Published: April 29, 2013: 9:45 AM ET
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