NEW YORK (TheStreet) -- Stocks were mixed on Tuesday, though a rally among energy stocks pushed the S&P 500 higher.
The S&P 500 was up 0.13%, the Dow Jones Industrial Average gained 0.36%, and the Nasdaq declined 0.29%.
Oil extended gains into a fourth straight session after the Energy Information Administration said it expects a decline in U.S. shale production in May, the first monthly decline in more than four years. West Texas Intermediate crude jumped 2.9% to $53.43 a barrel.
"This is adding credence to the belief that lower prices and the precipitous drop in the rig count are finally impacting production, sending prices to test the highs last seen in early February," said Matt Smith, commodity analyst at Schneider Electric.
Energy companies were rallying with major oilers Exxon Mobil (XOM) - Get Report, Royal Dutch Shell (RDS.A) , Petrobras (PBR.A) , and Chevron (CVX) - Get Report trading higher. The Energy Select Sector SPDR ETF (XLE) - Get Report added 1.8%.
JPMorgan (JPM) - Get Report boosted the Dow after reporting a 12% increase in first-quarter profit, driven by an increase in trading revenue. Net income of $1.45 a share climbed from $1.28 a share a year earlier and beat analysts' estimates by a nickel. Shares climbed 2.1%. Dow component Goldman Sachs (GS) - Get Report followed JPMorgan higher.
Wells Fargo (WFC) - Get Report was 0.66% lower after reporting a dip in quarterly net income. The fourth-largest bank earned $5.8 billion, or $1.04 a share, compared to $5.89 billion, or $1.05 a share, in the same period a year earlier. Analysts were expecting earnings of 98 cents.
JPMorgan and Wells Fargo were the first to report in a busy week for major U.S. banks. Bank of America (BAC) - Get Report will release earnings on Wednesday, and Citigroup (C) - Get Report and Goldman Sachs will report on Thursday.
Avon Products (AVP) - Get Report spiked nearly 11% on reports the company is undergoing a strategic review and considering a possible sale. The cosmetics company is reportedly exploring unloading its North American operations, according to The Wall Street Journal.
Retail sales increased 0.9% in March, the first increase in four months. Economists had expected a 1.1% increase.
"The bottom line for the report is that even though its weaker than expected ... it does lend credence to the idea that sales were impacted by poor weather these last few months," said Dan Greenhaus, chief strategist at BTIG. "We would expect the consumer to rebound further in coming months as positive trends filter their way into better consumption patterns."
U.S. producer prices increased 0.2% in March following a 0.5% decline in February. Excluding food and energy items, producer prices increased 0.2%, better than an estimated 0.1% increase. Business inventories in February increased 0.3%, in line with economists' estimates after a flat reading the month earlier.
Railroad companies were under pressure after Norfolk Southern (NSC) - Get Report reduced its first-quarter profit guidance to $1 a share, short analysts' estimates of $1.25. The company said a decline in export volume of coal had hurt its bottom line. Industry peers Union Pacific (UNP) - Get Report and Kansas City Southern (KSU) - Get Report also were lower.
Health care giant Johnson & Johnson (JNJ) - Get Report reported a drop of 8.6% in first-quarter profit as a stronger dollar weighed on its bottom line. The company also lowered full-year earnings estimates to between $6.04 and $6.19 a share, down from previous estimates as high as $6.27 a share, due to currency headwinds.
Earnings reports from other companies especially exposed to a higher U.S. dollar this week include Philip Morris (PM) - Get Report and Mattel (MAT) - Get Report on Thursday, and General Electric (GE) - Get Report and Honeywell (HON) - Get Report on Friday.
Nokia (NOK) - Get Report and Alcatel-Lucent (ALU) were in focus after confirming the two are in advanced deal talks. The companies said a potential merger could be in play, though no valuation details were disclosed. Nokia shares fell more than 4%, while Alcatel climbed 13%.
Online real estate service Zillow (Z) - Get Report pressured the Nasdaq after issuing full-year revenue guidance of $690 million, below forecasts of $753 million. Management said this year marks a transition period following its merger with Trulia.
Procter & Gamble (PG) - Get Report shares were on watch following a report in The Wall Street Journal that said CEO A.G. Lafley is considering leaving the position as soon as summer. Lafley held the post from 2000 to 2009, then came out of retirement in 2011 to replace Robert McDonald.