President Trump signed the $484 billion coronavirus relief package that includes $310 billion for the Paycheck Protection Program. Lenders are expected to resume processing applications on Monday.
The Dow Jones Industrial Average was higher by 220 points, while the S&P 500 and the Nasdaq Composite were up 0.9 percent and 1.1 percent respectively.
In Asian markets on Monday, Japan's Nikkei gained 2.7 percent, Hong Kong's Hang Seng added 1.9 percent and China's Shanghai Composite rose 0.3 percent.
In Europe, London's FTSE added 1.4 percent, Germany's DAX rose 2.5 percent and France's CAC gained 1.9 percent.
Investors will also be keeping a close eye on those major cities reopening and how quickly those local economies can begin to bounce back.
Treasury Secretary Steven Mnuchin told "Fox News Sunday" he is confident the bounce back will come by early summer.
"I think as we begin to reopen the economy in May and June, you're going to see the economy really bounce back in July, August, September," Mnuchin said. "And we are putting in an unprecedented amount of fiscal relief into the economy. You're seeing trillions of dollars that's making its way into the economy, and I think this is going to have a significant impact," he said.
Oil posted its worst week in history after West Texas Intermediate crude futures turned negative for the first time in history. On Monday, oil was trading down 16 percent to around $14.22 per barrel.
Through last week, stocks fell across the board with the Dow dropping 1.93 percent, while the S&P 500 and the Nasdaq lost 1.32 percent and 0.18 percent respectively.
As for the week ahead, earnings from marquee companies will be in focus including 3M, Caterpillar, Google and Starbucks on Tuesday. Tesla on Wednesday and Amazon and Apple on Thursday to name a few.