S&P 500 top movers: Energy stocks soar fueled by oil rally

S&P 500 looks to close in the positive territory on Tuesday.
S&P 500 Energy Index is up nearly 7% on surging oil prices.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) started the day near Monday's closing level but edged higher on the back of impressive gains witnessed in energy stocks. At the moment, the SPX is up 0.5% on the day at 3,719.

Following the two-day OPEC+ meeting, Saudi Arabia's energy minister said that they will continue to support the oil market by voluntarily lowering their production by 1 million barrels per day in the February-March period. Boosted by this announcement, the barrel of West Texas Intermediate touched its highest level since February at $50.14 and the S&P 500 Energy Index rose nearly 7%.

S&P 500 top movers

Occidental Petroleum Corp (OXY: NYSE) is currently the best performer of the day, rising 13.5% at $19.80. Diamondback Energy Inc (FANG: NASDAQ), Apache Corp (APA: NASDAQ), Halliburton Co (HAL: NYSE) and Cimarex Energy Co (XEC: NYSE) are among the other top gainers, up between 10% and 13%.

On the other hand, Verisign Inc (VRSN: NASDAQ) and Fortinet Inc (FTNT: NASDAQ) shares lose around 3% on a daily basis as the biggest percentage decliners.

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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