Dow Ends at Record High as U.S.-Iran Talks Send Wall Street on a Roller Coaster

U.S. stocks closed higher on May 21, helped by lower oil prices. Gains were modest, however, as renewed uncertainty over U.S.-Iran negotiations kept investors on edge.

The Dow Jones Industrial Average rose 276.31 points, or 0.55%, to 50,285.66, a record close. The S&P 500 gained 12.75 points, or 0.17%, to 7,445.72, while the Nasdaq Composite added 22.74 points, or 0.09%, to 26,293.10.

U.S.-Iran talks drove market moves throughout the session. Stocks came under pressure in the morning after reports that Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, had ordered a ban on sending enriched uranium abroad. Sentiment shifted later in the day as the prospect of a diplomatic deal regained traction.

Oil prices and U.S. Treasury yields also turned lower in the afternoon. Brent crude futures for July delivery fell 2.32% to $102.58 a barrel, while West Texas Intermediate futures for July delivery dropped 1.94% to $96.35.

According to Investing.com, the yield on the 10-year U.S. Treasury note fell 0.013 percentage point to 4.577%.

Among individual stocks, Nvidia declined 1.8%. The chipmaker reported first-quarter earnings after the previous session's close that beat expectations, but investors had been looking for an even bigger surprise.

Quantum-computing stocks jumped after news that the U.S. government would provide subsidies for the sector. IBM surged 12.4%.

The CME Group FedWatch Tool showed the highest probability, 41.9%, for the Federal Reserve to raise its benchmark interest rate to a range of 3.75% to 4% at its December Federal Open Market Committee meeting.

Han Gyeong-u, Hankyung.com reporter, case@hankyung.com