The S&P 500’s top gainers on June 7 were:
Apache, which is an American petroleum and natural gas exploration and production company, was the S&P 500’s top gainer on June 7. After declining for two consecutive trading weeks, Apache opened the week on a stronger note and gained in the first three trading days. Carrying forward the strength, Apache opened higher on June 7 and surged to two-week high price levels.
Apache moved higher on Thursday amid a rally in crude oil prices. Crude oil rose amid ongoing supply concerns in Venezuela. Amid lower output from Venezuela’s oil fields, PdVSA is struggling to meet its supply obligations with crude oil buyers. The issues boosted crude oil prices and supported energy producers like Apache.
On June 7, Apache gained 5.5% and closed the day at $41.75. Apache is part of the S&P 500 energy sector, which gained 1.6% on Thursday.
Allergan, which is a multinational company involved in pharmaceutical research and development and the production of branded drugs, was the S&P 500’s second-best performer on June 7. After gaining for two consecutive trading days, Allergan opened higher on Thursday and surged to seven-week high price levels.
The buying pressure in Allergan increased on Thursday following reports of billionaire investor Carl Icahn acquiring an undisclosed amount of stake in Allergan. Investment firms Appaloosa and Senator Investment Group, which owns a stake in Allergan, have been pressuring the board for changes including splitting the CEO position from the chairman position. Currently, both of the positions are held by Brent Saunders.
On June 7, Allergan gained 5.1% and closed the day at $163.27. Allergan is part of the S&P 500 healthcare sector, which declined 0.07% on Thursday.