The S&P 500 rallied to a new intraday high on Monday as investors continued to cheer Friday's blowout jobs report and prepared for the beginning of the second-quarter earnings season. The tech-heavy Nasdaq flirted with 5,000 on Monday afternoon.

The S&P 500 rose 0.6%, trading around 2,141. The Dow Jones Industrial Average added 0.66%. The Nasdaq climbed 0.82% to 4,997.41, but eclipsed 5,000 earlier in the session.

Stocks were lifted by a better-than-expected U.S. jobs report for June. 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's Action Alerts PLUS.

Japan's Nikkei 225 Index average rose 4% as Prime Minister Shinzo Abe's party won additional seats in the upper house, which increases the chances of additional monetary stimulus from Japan's central bank.

Oil prices settled down 1.23% to $44.85 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 stood climbed to 1.42% after dipping below 1.4 percent earlier in the session.

Tesla (TSLA) - Get Report shares rose 4.4% 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 4%.

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.

The start of second-quarter earnings season begins after the closing bell Monday when Alcoa (AA) - Get Report reports financial results. Analysts expect the aluminum company to post profit of 9 cents a share on sales of $5.2 billion, according to analysts surveyed by FactSet.

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.