S&P 500 top movers: OXY gains more than 11% to lead energy rally

• S&P 500 remains on track to post highest daily close in five months.
• Energy shares register impressive gains on surging crude oil prices.
• Occidental Petroleum Corp (OXY) rises more than 11% as the top-performer.

Wall Street's main indexes started the day in the positive territory on Tuesday as the risk rally gathered momentum on vaccine hopes, EU's agreement on recovery fund. At the moment, the S&P 500 Index (SXP) is up 0.6% on the day at 3,270, looking to post its highest daily close since late February.

S&P 500 top movers

Crude oil capitalized on risk-on flows on Tuesday and the barrel of West Texas Intermediate (WTI) rose to its highest level since early March at $42.48 before going into a consolidation phase. As of writing, the WTI was up 3.1% on the day at $42. Boosted by surging crude oil prices, the S&P 500 Energy Index is gaining 6.3% on a daily basis. 

Meanwhile, Occidental Petroleum Corp (OXY) is trading at $17.50, rising 11.57% as the top-performer. Among other energy shares, Devon Energy Corp (DVN), Cimarex Energy Co (XEC), Apache Corp (APA), Diamondback Energy Inc (FANG), Hess Corp (HES), Baker Hughes Co (BKR) and Noble Energy Inc (NBL) are up between 7.7% and 11%.

On the other hand, FirstEnergy Corp (FE) is down nearly 10% as the biggest loser after Keybanc lowered the price target from $54 to $48.