S&P 500 top movers: Occidental Petroleum (OXY) gains more than 30% as energy shares soar

Major equity indexes in the US started the day sharply higher on Friday as the upbeat jobs report provided a boost to risk sentiment. As of writing, t  |  05/06/2020 19:08
  • Wall Street's main indexes surge higher on upbeat NFP data on Friday.
  • S&P 500 Energy Index gains more than 7%.
  • Occidental Petroleum Corp (OXY) shares are up more than 30%.

Major equity indexes in the US started the day sharply higher on Friday as the upbeat jobs report provided a boost to risk sentiment. As of writing, the Dow Jones Industrial Average was up 3.45% while the S&P 500 and the Nasdaq Composite were gaining 2.9% and 2.05% respectively.

Earlier in the day, the US Bureau of Labor Statistics' monthly report revealed that Nonfarm Payrolls in the US rose by 2.5 million in May. Furthermore, the Unemployment Rate edged lower to 13.3% from 14.7% in April.

Among the 11-major S&P 500 sectors, the Energy Index is up 7.5% supported by a more-than-5% increase in crude oil prices.

S&P 500 top movers

Saudi Arabia's energy minister Prince Abdulaziz bin Salman told Reuters on Friday that they were hoping to have successful OPEC and OPEC+ meetings on Saturday. Additionally, worries over a dismal global energy demand outlook seem to have eased following the NFP report. As of writing, the barrel of West Texas Intermediate is up 5.65% on the day at $39.43.

Fueled by crude oil's impressive performance, Occidental Petroleum (OXY) shares are up nearly 32% on the day at $20.50 as the top-gainer. Apache Corp (APA) share are gaining 26% at $16.36.

On the other hand, Newmont Corp (NEM) and Clorox Co (CLX) are both losing more than 3% on a daily basis as the worst-performers.

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