The Dow Jones Industrial Average closed at 50,482.14 on May 21, a gain of 276 points that marked the benchmark’s first record close in more than three months. The catalyst: falling oil prices driven by growing optimism around US-Iran diplomatic negotiations, which traders are betting could ease global energy supply pressures.
Oil drops for a third straight day
West Texas Intermediate crude futures fell 0.9% to $97.40 per barrel, while Brent crude dropped a sharper 2.3% to $102.58. That’s the third consecutive day of declines for oil, a streak that began picking up speed after Secretary of State Marco Rubio noted “some good signs” regarding US-Iran diplomatic negotiations.
The broader market reflected that optimism, though with less enthusiasm than the Dow. The S&P 500 added 0.2%, and the Nasdaq Composite edged up just 0.1%. Utilities, consumer discretionary, and materials sectors led gains, while energy stocks lagged.
Earnings paint a mixed picture
