In addition, a tax on gasoline helps increase consumer demand for electric cars and seems likely to help the needed technological breakthroughs come even faster.

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In commodity markets, oil futures edged higher, shrugging off a bigger-than-expected increase in U.S. oil inventories that highlighted the weak pace of demand in the world's biggest oil consumer.

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According to Jonathan Banks, executive automotive analyst with the NADA Used Car Guide, used-vehicle prices will remain largely at their lofty levels because of looser lending standards, recovery in the housing and construction markets, a gradual decrease in unemployment levels, an increase in supply from booming new-car sales and pent-up consumer demand.

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Shares were also boosted by Friday's reports of a bigger-than-expected increase in consumer sentiment for May and by recent strong housing starts, which boost demand among contractors for new pickups.

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And very importantly, for a number of countries in Asia, it means that domestic consumer demand and imports will increase.

WHITEHOUSE: THE WHITE HOUSE