Stocks closed higher on Tuesday, despite crude oil surging to a record high, and ahead of a flurry of earnings reports from big cap stocks.
The Dow rose +60.41, the Nasdaq Composite +10.22 and the S&P 500 +6.11.
Delta Air Lines (DAL | Quote | Chart | News | PowerRating) and Northwest Airlines (NWA | Quote | Chart | News | PowerRating) agreed to merge, in a deal that would create the world's biggest airline.
Johnson & Johnson (JNJ | Quote | Chart | News | PowerRating) reported earnings of $1.26 per share, beating estimates by $0.06.
State Street (STT | Quote | Chart | News | PowerRating) beat estimates by $0.09 but its shares plunged 10%.
Shares of U.S. Bancorp (USB | Quote | Chart | News | PowerRating) rose 1.7% after the company reported earnings that were $0.03 above consensus.
Crude oil surged above $113 per barrel, a record high.
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PPI (Mar): Actual 1.1%, Consensus 0.6%
Core PPI (Mar): Actual 0.2%, Consensus 0.2%
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