Stocks Ended Slightly Higher ahead of Earning Season

U.S. stocks closed slightly higher on Tuesday, as investors stayed on the sidelines ahead of first-quarter earnings season. The Dow Jones Industrial Average rose 39.03 points, or 0.19%, to 20,689.24. The S&P 500 gained 1.32 points, or 0.06%, to 2,360.16. The Nasdaq Composite added 3.93 points, or 0.07%, to 5,898.61.

Oil prices rebounded to settle at a four-week high after a choppy start Tuesday, rising on expectations weekly U.S. crude-inventories data would show a decline as refineries work to keep up with rising gasoline demand. West Texas Intermediate crude oil for May delivery rose 79 cents, or 1.6%, to settle at $51.03 a barrel. Brent for June delivery added $1.05, or 2%, to finish at $54.17 a barrel.

Richmond Federal Reserve President Jeffrey Lacker announced his immediate resignation Tuesday, admitting that he discussed sensitive information with an analyst regarding the Fed’s plans for economic stimulus.

This week, Tesla passed Ford and General Motors in market capitalization to become the most valuable American carmaker. Tesla’s stock price is on a tear, up nearly 42 percent since the beginning of the year to more than $300 per share, and the company is currently valued around $53 billion. Elon Musk has told a story of hope around Tesla, convincing many investors that it will change the world and create massive profits down the road.

Payless ShoeSource is the latest retailer to file for Chapter 11 bankruptcy protection, adding its name to a growing list of chains that have struggled to compete against online and off-price retailers.