- The S&P 500 Index hit a new all-time high on Thursday.
- Occidental Petroleum Corp (OXY: NYSE) shares post strong gains.
- General Electric Co (GE: NYSE) had the worst performance of the day.
The S&P 500 Index (SPX) It opened decisively higher on Thursday and extended its rally to a new all-time high of 3,960. At time of writing, the SPX was up 1.45% on the day at 3,955.
Main movements of the S&P 500
Rising crude oil prices provide a boost to energy stocks. A barrel of West Texas Intermediate is currently trading at $ 65.90, gaining 1.92% on the day. Shares of Occidental Petroleum Corp (OXY: NYSE) rose 7.1% as the highest percentage of daily gain of the day to $ 31.40. Additionally, Morgan Stanley announced earlier in the day that it raised the OXY price target to $ 31 from $ 18 and provided an additional boost to the stock.
Among the other major energy stocks, Enphase Energy Inc (ENPH: NASDAQ) and NRG Energy Inc (NRG: NYSE) both earn around 6%.
Meanwhile, shares in mining giant Freeport-McMoRan Inc (FCX: NYSE) rose 7% on the back of rising precious metal prices.
On the other hand, General Electric Co (GE: NYSE) has the worst performance of the day, losing 8.6% to $ 12.11.
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