U.S. stocks closed at record highs Tuesday, with the Dow Jones Industrial Average topping 54,000 for the first time and the S&P 500 notching its first record close in two months, as blowout corporate earnings and falling oil prices on hopes for a Strait of Hormuz agreement drove the rally. The S&P 500 surged 1.79% to close at 7,736.52, surpassing its previous closing peak set in early June. The Dow gained 907.47 points, or 1.71%, to finish at 54,085.88, a record close that built on Monday's own all-time high. West Texas Intermediate crude dropped roughly 5% to $76.30 a barrel, while Brent crude fell about 4.75% to under $80. Attention going forward is likely to center on whether Wednesday brings confirmation or denial of Bessent's Iran deal timeline, and on how markets digest the remaining roughly 15% of S&P 500 earnings still to be reported this season.