S&P 500 top movers: Brown-Forman Corp (BF.B: NYSE) shares surge to record high above $80

S&P 500 Index notched a new record-high near 3,570 on Wednesday.
Brown-Forman Corp (BF.B: NYSE) shares gain more than 10%.
Energy shares continue to underperform despite the risk rally.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) opened in the positive territory and continued to push higher to notch a new all-time high of 3,568. As of writing, the SPX was up 1.2% on the day at 3,567. The risk rally seems to be continuing to fuel the stock market's impressive upsurge.

S&P 500 top movers

Ahead of the opening bell on Wednesday, Brown-Forman Corp (BF.B: NYSE) reported quarterly adjusted earnings of 67 cents per share for the quarter ended in July, compared to analysts' mean expectation of 31 cents. Additionally, the company said it expects to fully fund ongoing investments in business and pay regular dividend despite the uncertainty due to the coronavirus pandemic.

Boosted by this development, BF.B reached a fresh record high of $83.11 before retreating slightly. As of writing, BF.B was up 10.85% at $80.72 as the top daily percentage gainer.

On the other hand, the S&P 500 Energy Index is down 0.43% as the only major sector trading in the negative territory. Among the major energy stocks, Cimarex Energy Co (XEC: NYSE), Diamondback Energy Inc (FANG: NASDAQ) and Marathon Oil Corp (MRO: NYSE) are down between 5.2% and 3%.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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