The Dow Jones Industrial Average climbed 224 points on Wednesday, setting a new record. Oil prices continued their downward trend that began two weeks ago. 

West Texas Intermediate oil prices, the American benchmark, dropped below $90 per barrel on Wednesday afternoon, a drop from $105.42 on May 15. 

The drop in oil prices followed reports on Iranian state-run media that the U.S. had written up a framework for a peace deal that would allow the Strait of Hormuz to reopen. However, the White House on Wednesday called the document a "complete fabrication." 

The S&P 500 was 0.1% lower as a decline in cybersecurity stocks offset gains in other industries, CNBC reported. The Nasdaq Composite also saw a 0.1% drop. 

The Dow was buoyed by gains in Proctor & Gamble, which rose more than 3%, and Home Depot, which advanced more than 2%.