Why the Macquarie (ASX:MQG) share price just hit a record high

The Macquarie Group Ltd (ASX: MQG) share price was pushing higher in early trade on Wednesday before giving back its gains as the day went on.

In fact, the investment bank’s shares climbed enough in early trade to hit a record high of $153.50.

When the Macquarie share price hit that level, it extended its six-month gain to a sizeable 20%.

Why is the Macquarie share price at a record high?

The Macquarie share price has been storming higher over the last few weeks thanks largely to an update in late February.

That update revealed a surprise upgrade to its earnings guidance for FY 2021 less than two weeks after issuing it.

On 9 February, Macquarie advised that it was expecting its profit result in FY 2021 to be down slightly year on…