The Dow Jones Industrial Average settled at 53,178.41 on Monday, up 693.38 points, or 1.32 percent, an all-time high. [1] The S&P 500 jumped 1.5 percent, a tenth of a percent shy of its summer record. The Nasdaq rose 2.1 percent. [2]

Friday inherits that print. The paper's Thursday hold already refused to treat it as a peace index. The catalyst was oil pulling back after President Trump called off a planned attack. [1] Iran's foreign ministry still said it was not holding talks with the United States. [3]

A record built on a denied table is a holdover. The ISM manufacturing print at 55.6, highest since 2022, is the domestic number buried under the Iran headline. [4] Readers who treat 53,178 as a signed Hormuz deal will misread both the strait and the tape. Monday's high still stands. The talks still do not.

Investopedia's Monday recap tied the open to oil pullback after Trump called off an attack. A Friday session without a new cited close is a hold, not a second record. Axios and AP are still fighting over a Hormuz signature while the tape sits on Monday's high. Monday's high still stands. The talks still do not.

-- THEO KAPLAN, San Francisco