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.

West Texas Intermediate rose 4.5 percent in New York. Saudi Arabia and Russia have reached a consensus on an output freeze, Interfax said Tuesday, citing an unidentified "informed diplomatic source" in Doha.

The rally in crude is overshadowing the start of earnings season that is forecast to be the worst since the financial crisis, with analysts projecting first-quarter profits shrank 10 percent -- including a 20 percent decline for banks -- compared with earlier estimates for flat growth.

After a tumultuous start to the year that saw the S&P 500 tumble as much as 11 percent, U.S. equities rebounded 13 percent in the following six weeks. They are now little changed in the past two weeks after falling the most since February last week.

All 10 main S&P 500 groups advanced Tuesday, with energy and financial shares leading the way. JPMorgan Chase & Co. and Citigroup Inc. are among companies that report corporate results this week.

Among other stocks active on corporate news, Fastenal Co. lost 3.1 percent after also posting sales and earnings that missed the average analyst estimate.