U.S. Stocks Rise as Crude Rally Boosts Energy, Offsets Earnings
- Alcoa, Jupiter slump after worse-than-forecast sales figures
- Crude gains lead commodities higher as dollar stumbles
U.S. Stock Rally Stalls as Earnings Season Kicks Off
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U.S. stocks rose to a one-week high as crude pushed past $42 a barrel to overshadow a tepid start to the first-quarter earnings season.
Energy producers surged 2.7 percent as crude climbed to a four-month high after Saudi Arabia and Russia were seen agreeing on whether to freeze oil production. Chesapeake Energy Corp. surged the most on record after pledging assets to maintain access to financing. Alcoa Inc. slid 3.4 percent after the largest U.S. aluminum producer cut its forecast for global demand. Juniper Networks Inc. plunged 7.5 percent after sales missed forecasts, dragging the semiconductor industry lower.