Stocks Closed Higher as Oil Rallied

U.S. stocks closed higher on Tuesday as oil settled higher for a third day in a row and at its highest price of the year. The Dow Jones Industrial Average gained 164.84 points, or 0.94%, to 17,721.25. The S&P 500 rose 19.73 points, or 0.97%, to 2,061.72. The Nasdaq Composite advanced 38.69 points, or 0.80%, to 4,872.09.

Oil futures rallied above $42 a barrel Tuesday to settle at their highest level of the year, buoyed by a report that said Saudi Arabia and Russia have reached a deal to freeze production ahead of a meeting of major oil producers this weekend. May WTI crude rose $1.81, or 4.5%, to settle at $42.17 a barrel on the New York Mercantile Exchange.

With eight years left on their deal to broadcast the NCAA Tournament, CBS and Turner are tacking on another eight. The extension announced Tuesday goes all the way through 2032.

CSX Corp. (CSX) on Tuesday reported earnings in line with expectations but a 14% dip in revenues that the railway blamed on lower shipping volumes. The company said it earned $356 million, or 37 cents a share, in the first quarter, down from $442 million, or 45 cents a share, in the year-ago quarter. Revenue for the quarter was down 14% to $2.62 billion, from $3 billion a year ago.