S&P 500 top movers: Occidental Petroleum Corp (OXY: NYSE) rises more than 7%

S&P 500 Index touched a new all-time high on Thursday.
Occidental Petroleum Corp (OXY: NYSE) shares post strong gains.
General Electric Co (GE: NYSE) is the worst performer of the day.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) opened decisively higher on Thursday and extended its rally to a fresh all-time high of 3,960. As of writing, the SPX was up 1.45% on a daily basis at 3,955.

S&P 500 top movers

Rising crude oil prices provide a boost to energy stocks. The barrel of West Texas Intermediate is currently trading at $65.90, gaining 1.92% on the day. Occidental Petroleum Corp (OXY: NYSE) stock is up 7.1% as the biggest daily percentage gainer of the day at $31.40. Additionally, Morgan Stanley announced earlier in the day that it raised the target price for OXY to $31 from $18 and provided an additional boost to the stock.

Among the other major energy shares, Enphase Energy Inc (ENPH: NASDAQ) and NRG Energy Inc (NRG: NYSE) both gain around 6%.

Meanwhile, mining giant Freeport-McMoRan Inc (FCX: NYSE) shares are up 7% supported by rising prices of precious metals.

On the other hand, General Electric Co (GE: NYSE) is the worst performer of the day, losing 8.6% at $12.11.

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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