The next big piece of news investors will have to work through will be the December jobs report, which will be released Jan. 10. There is also corporate earnings season, which will start in the second half of January. Corporate earnings will be important, particularly since this upcoming season will encompass the closely watched holiday shopping period.
"The market is rallying on the idea that economic growth is picking up globally and in the U.S., so investors need to see those expectations matched," Young said.
Bond yields continue to tread water around the 3 percent level. The yield on the U.S. 10-year note fell to 2.98 percent Monday from 3 percent Friday.
The market is expected to be a holding pattern until next week, once all the mid-week holiday disruptions are over, Florance said. Both the NYSE and the Nasdaq Stock Market will be closed Wednesday for New Year's Day.
In overseas markets, Japan's Nikkei stock index closed higher for a ninth straight day Monday. The index ended 2013 up 57 percent. Japanese markets will be closed Tuesday for New Year's Eve.