Why the Xero (ASX:XRO) share price jumped 13% to a record high today // Motley Fool Australia

The Xero Limited (ASX: XRO) share price has been one of the best performers on the S&P/ASX 200 Index (ASX: XJO) on Wednesday.

At one stage today the cloud-based business and accounting platform provider’s shares were up over 13% to a record high of $130.50.

The Xero share price has since pulled back a touch but is still up a decent 6.5% at the time of writing.

Why is the Xero share price zooming higher today?

Investors have been buying Xero shares on Wednesday for a couple of reasons.

The first is the impending release of its half year update tomorrow morning.

It appears as though some investors are expecting the company to deliver a strong result despite the negative impact that COVID-19 is having on small businesses.

What else is…