It’s more about the volatility of day trading. Volumes of stocks are algorithmically set to buy or sell when a price point is hit.

When people are exitting the bond market and they are keen to buy an asset to hold some value against inflation, they look at stocks. The demand pushes the prices upwards. The Dow is only 30 “blue chip” stocks selected by committee. Its connection to oil markets is pretty convoluted.

Media often concoct a narrative for these price movements: “Trump quote moved the line! (Watch us for the most up-to-date Trump quote!)”