Investors on Wall Street are playing a guessing game with the Federal Reserve.

On Monday, they guessed that the central bank will continue trying to prop up the economy and sent stocks higher.

The major stock indexes all rose about 1 percent in early trading before dipping slightly in the afternoon. The Standard & Poor's 500 index rose 0.76 percent to 1,639.04.

In other U.S. stock trading, the Dow Jones industrial average rose 109.67 points to 15,179.85. The Nasdaq composite index rose 0.83 percent to 3,452.13.

The market's gains were broad. Telecommunications was the only one of the 10 industry sectors in the S&P 500 to post a loss. Netflix did better than any other stock in the S&P 500 after announcing that it will run original TV series from DreamWorks Animation.

Overall, though, there were few big company announcements or economic reports.

The market has been in flux since May 22, when Fed chairman Ben Bernanke said the Fed would consider pulling back on its bond-buying program if measures of the economy, especially hiring, improve.

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Investors will have to keep guessing about the Fed's future actions until Wednesday, when it will release a policy statement shortly after midday.