Campbell Soup Co. on Monday reported a 2 percent increase in profit for the third quarter, reflecting higher sales of its condensed as well as ready-to-serve soups. Adjusted earnings per share beat analysts' estimates. Looking ahead to fiscal 2013, Campbell raised its earnings outlook and now projects sales to grow at the upper end of the prior range.

The Japanese government on Monday upgraded its assessment of the economy for the first time in two months, as a weak yen helped revive the country's exports and factory output. "The Japanese economy is picking up slowly," the Cabinet Office said in its May monthly report. This was an upgrade from previous month's assessment when it said that economy was showing signs of picking up.

A second union representing immigration enforcement officers has expressed opposition to the Senate version of comprehensive immigration reform legislation, arguing that the bill fails to address the "insurmountable bureaucracy" at the agency that oversees lawful immigration to the U.S.

Stocks have moved mostly higher over the course of the trading day on Monday, recovering from an early move to the downside. The turnaround by the markets extends a recent trend of traders buying on early dips, often leading to a higher close. The major averages have seen some further upside in recent trading, reaching new highs for the session.