Trading was volatile, as stimulus measures tend to push up stock prices arguably by design, and many investors bet that their dismantling could have a bearish effect on stock prices down the road.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.73%, the S&P 500 index ended up 0.76%, while the Nasdaq Composite index rose 0.83%.
The Federal Reserve begins a two-day monetary policy meeting on Tuesday and uncertainty over the fate of the U.S. central bank's stimulus programs, especially its monthly USD85 billion bond-buying program, has roiled markets in recent days.
Stocks rose on Monday after the Financial Times reported that Fed Chairman Ben Bernanke "is likely to signal that the U.S. Federal Reserve is close to tapering down its USD85 billion-a-month in asset purchases when he holds a press conference on Wednesday, but balance that by saying subsequent moves depend on what happens to the economy."
Still, uncertainty as to what effect the absence of such monthly liquidity injections that end up in the stock market will have on share prices led the market on a bumpy ride Monday.
Elsewhere, the Federal Reserve Bank of New York's index of manufacturing conditions in the state came in better than expected in June, rising to a three-month high of 7.8 from -1.4 in May.
Analysts were expecting the Empire State Manufacturing Index to come in at -0.5, which fueled speculation that monetary easing measures may taper soon.
Leading Dow Jones Industrial Average performers included Cisco, up 2.57%, DuPont, up 1.96%, and Hewlett-Packard, up 1.70%.
The Dow Jones Industrial Average's worst performers included Verizon Communications, down 0.70%, Home Depot, down 0.57%, and AT&T, down 0.42%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.33%, France's CAC 40 rose 1.54%, while Germany's DAX 30 finished up 1.08%. Meanwhile, in the U.K. the FTSE 100 finished up 0.35%.
On Tuesday, the U.S. is to release official data on building permits, housing starts and consumer price inflation.
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