After falling a little more than 5% last week, the S&P 500 opened 11 points higher Monday morning, and roughly 90 minutes into the session had edged up 1.75% to 898.3. Similar patterns were seen in the Dow, which climbed 1.67% to 8407, and the Nasqaq, which saw a 1.48% gain to 1705.

With no economic data released Monday morning and a light week ahead, it’s not entirely clear why investor sentiment has begun the week on an optimistic note. 

The rally has been attributed in part to an earnings report from Lowe’s, the home improvement retailer. The better than expected report caused its shares to rally 11% in pre-market trading, though by 11am the gain had fallen to just under 6%.

Robert Niblock, CEO of Lowe’s said, said there are signs of a bottom in the housing market.  "In recent weeks we have seen consumer confidence improve, housing turnover show signs of a bottom in certain markets, and home prices slow their decline," he said.

Later in the day at 1pm, the National Association of Realtors will release its survey of homebuilder sentiment. Analysts expect the survey to gain 2 points in May to 16.