The S&P 500 closed at a record high Monday, as investors awaited the start of second-quarter earnings season. 

The S&P 500 rose 0.34%, closing at 2,137. The Dow Jones Industrial Average added 0.44% to 18,227, its highest level in 13 months. The Nasdaq climbed 0.64% to 4,989, but eclipsed 5,000 earlier in the session.

Stocks were lifted by a better-than-expected U.S. jobs report for June, released last Friday. Nonfarm payrolls rose by a seasonally adjusted 287,000, a dramatic rebound from the 11,000 jobs created in May. The unemployment rate rose to 4.9% after falling to 4.7% in May. The rise was seen as a signal that fewer people gave up looking for work as the labor force participation rate rose slightly to 62.7%.

"You have to recognize that once we have earnings, we are going to be scrutinizing stocks again," said Jim Cramer, portfolio manager of TheStreet'sAction Alerts PLUS.

Oil prices settled down 2.16% to $44.43 a barrel, its lowest level in two months on worries of fresh supply from Canada-based producers.

"For more than two years, there's been more supply than demand," said Spencer Welch, an oil analyst with IHS. Based in London, Welch expects crude to range between $45 and $50 a barrel over the next six months. "The market is back into supply-and-demand balance," he said.

Yields on the 10-year Treasury bond climbed to 1.43% after dipping below 1.4 percent earlier in the session.

But the focus now shifts to second quarter earnings, which kicked off Monday with Alcoa's (AA) - Get Reportresults. The aluminum company reported second quarter earnings of 15 cents a share, beating estimates of 9 cents. Revenue of $5.3 billion eclipsed forecasts of $5.2 billion.  

Second-quarter earnings across the board are expected to decline 5.6% year over year, according to FactSet. 

Tesla (TSLA) - Get Report shares rose 3.7% after CEO Elon Musk tweeted that he's working on a "top secret masterplan" and expects to unveil more details shortly. The message was similar to a blog post Musk wrote nearly a decade ago titled "The Secret Tesla Motors Master Plan (just between me and you)," which detailed what later became the Tesla Model S and Tesla 3 sedans.

Walmart's (WMT) - Get Report online shoppers will enjoy free shipping with no minimum purchase for the next five days starting Monday in an effort to compete with Amazon's (AMZN) - Get Report "Prime Day" on Tuesday.

Kinder Morgan (KMI) - Get Report agreed to sell its stake in the 7,600-mile South Natural Gas pipeline system to Southern Co. (SO) - Get Report for $1.47 billion. Kinder Morgan shares rose 3.7%.

Wynn Resorts (WYNN) - Get Report was the best performing stock in the S&P 500 Monday on analyst reports suggesting July will be a strong month for Macau gaming revenue. Shares gained 4.9%.

General Electric's (GE) - Get ReportPredix software will soon start operating on Microsoft's (MSFT) - Get Reportcloud, the companies announced Monday. The software connects industrial apparatus to the Internet.

General Electric is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

Current U.K. Prime Minister David Cameron has confirmed that he will leave his post by Wednesday evening.

In statement Monday in London, Cameron said he would chair his last cabinet meeting on Tuesday. On Wednesday, he will attend the House of Commons for prime minister's questions. He will then travel to Buckingham Palace to offer his resignation to Queen Elizabeth II.

"So we will have a new prime minister... by Wednesday evening," he said, adding that he was delighted that Home Secretary Theresa May will be the next prime minister.