Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Yellen toes the line
Market watchers say the buoyancy in global markets was inspired by a speech made late Friday by the head of the Federal Reserve, Janet Yellen.
Yellen said the U.S. central bank would be slow and steady with its upcoming interest rate hikes.
"The basic take away is that the [Fed's] policy normalization process will be only a minor transformation from 'Zero Interest Rate Policy' to 'Low Interest Rate Policy'," explained Mike O'Rourke, chief market strategist at JonesTrading. "In her own words, Yellen described it as a 'gradualist approach'."
U.S. stocks closed the week with small gains, following four consecutive days of losses.
2. Focus on oil
Oil is in the spotlight this week with major producing nations hitting the headlines. Crude futures were trading about 1.5% lower Monday.
Iran is negotiating with world powers about its nuclear capabilities. If a general framework for a deal is reached by Tuesday, then the U.S., Iran and others will have until the end of June to hammer out more specifics. That could lead to a lifting of sanctions and allow Iran to pump more oil to world markets.
Saudi Arabia continues to be in focus on expectations that it will launch a ground incursion in Yemen. Last week, Saudi Arabia and a number of other nations launched air strikes over Yemen.
And one of Africa's biggest producers, Nigeria, is tallying up the results of its election at the weekend.
3. Greek drama continues
Greece is waiting for its international partners to approve a list of proposed economic reforms that it submitted Friday.
Greece needs the green light before it can get any more money from lenders. The new left-wing government of the heavily indebted nation could run out of money in a matter of weeks if creditors don't agree to release more bailout funds.
4. Economics
The U.S. government will release February data on personal income and spending numbers at 8:30 a.m. ET.
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