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NEW YORK (CNNMoney)
The Dow Jones industrial average jumped more than 150 points, or 1%. (See what's moving the Dow 30)
The S&P 500 and the Nasdaq also gained more than 1%.
Stocks wrapped up the second quarter with all three indexes recording gains of 2% to 5%, despite ending June down roughly 1%.
Related: Fear & Greed Index shows investors still on edge
Overall, the stock market has been on a tear this year.
The S&P 500 is up more than 12% in the first half, compared with an average gain of about 4% for every first half going back to 1945, according to Sam Stovall, chief equity strategist at S&P Capital IQ.
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Rally back on track: If history is any guide, the next six months should also be strong.
In years when the S&P 500 fell in the first half, the second half also tends to be sub-par. But in years when the index rose in the first half, it gained an average 5.4% during the second half, according to Stovall's calculations.
"History says the momentum is likely to continue," said Stoval.
Meanwhile, investors took in a few economic reports Monday that signaled continued improvement.
The Institute for Supply Management said its index of manufacturing activity rose to 50.9 in June, signaling expansion in the sector for a fifth month and bouncing back from May, when it tumbled to 49.
Separately, construction spending rose 0.5% in May, according to the Commerce Department.
What's moving: Open Table (OPEN) shares fell more than 2% after Groupon (GRPN) debuted Groupon Reserve, a rival online service that allows customers book tables online at restaurants in 10 U.S. cities. Groupon plans to add more cities and expand internationally by year-end.
Shares of BlackBerry (BBRY) continued to falter after the company last week reported first-quarter results that fell far short of analysts' forecasts.
Shares of Onyx Pharmaceuticals (ONXX) surged more than 50% after the maker of cancer drugs rejected a takeover bid by biotechnology firm Amgen (AMGN, Fortune 500).
Best Buy (BBY, Fortune 500) shares jumped on a bullish analyst report. Pandora (P)was upgraded by Morgan Stanley (MS, Fortune 500), sending shares of the music streaming company to a new 52-week high.
Related: Coal companies take a hit
European markets were all higher in afternoon trading. British investors may be in a more upbeat mood as a new governor, Mark Carney, joins the Bank of England from Canada. Markets are generally expecting looser monetary policy from the central banker.
"We won't have to wait long to gauge how Mr. Carney will use his new powers, as the first big event happens this Thursday when he chairs his first meeting of the Bank of England's Monetary Policy Committee," explained Lee McDarby, from Investec's Corporate Treasury unit.
European investors were also cheering Nokia's (NOK) decision to pay $2.2 billion to buy the entire Nokia Siemens Networks unit, which is 50% owned by Siemens (SI). Shares of Nokia jumped on the news.
Asian markets ended mostly higher, with the Shanghai Composite up 0.8% and Tokyo's Nikkei gaining 1.3%. Hong Kong's stock exchange was closed for a holiday. 
First Published: July 1, 2013: 9:40 AM ET
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