S&P 500 Top Movers: Energy stocks surge higher on crude oil rally

S&P 500 Index looks to close the day flat.
Rising crude oil prices provide a boost to energy stocks.
Occidental Petroleum Corp (OXY: NYSE) is the top gainer on Thursday.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) started the day deep in the negative territory but staged a rebound after political headlines from the US suggested that lawmakers could reach a deal on coronavirus relief bill next week. However, market participants remain reluctant to take large positions and the SPX remains on track to close the day little changed around 3,670.

S&P 500 top movers

With coronavirus vaccine optimism allowing investors to price a steady recovery in energy demand, the barrel of West Texas Intermediate (WTI) surged to its highest level since early March at $47.70 and fueled a rally in the S&P 500 Energy Index.

As of writing, Occidental Petroleum Corp (OXY: NYSE) was up 8.9% on the day at $21.10 as the top percentage gainer. Among the other SPX-listed energy stocks, Apache Corp (APA: NASDAQ), Diamondback Energy Inc (FANG: NASDAQ) and Devon Energy Corp (DVN: NYSE) gain between 8% and 5.5%.

On the other hand, the three biggest decliners are Centurylink Inc (LUMN: NYSE), Martin Marietta Materials Inc (MLM: NYSE) and General Motors Co (GM: NYSE), losing 4%, 3.7% and 3.3%, respectively.

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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