By Sarah Chen | May 22, 2026
The Dow Jones Industrial Average closed at a record high on Friday as growing optimism over a US-Iran ceasefire sent stocks higher heading into the Memorial Day weekend. The Dow rose 210 points to 42,680. The S&P 500 gained 0.5%. The Nasdaq added 0.6%.
The catalyst was a Reuters report that US and Iranian negotiators had reached a tentative framework agreement, raising the prospect of a formal ceasefire within days. Oil prices fell 2% on the news, with WTI settling at $89.50, providing a broad tailwind for equities.
All 11 S&P sectors finished in positive territory for only the second time this month. Financials led, with JPMorgan up 1.8% and Goldman Sachs gaining 2.1%. Energy was the laggard but still managed a 0.2% gain.
For the week, the S&P 500 rose 0.8%, the Dow gained 1.1%, and the Nasdaq added 0.6%. Markets will be closed Monday for Memorial Day, with trading resuming Tuesday.
Volume was light heading into the holiday weekend, with just 8.9 billion shares traded — about 10% below the recent average.
