The Dow in early April had dropped 16% from its previous December peak. The blue-chip index was on track for its worst April decline since 1932 before Trump paused his initial “Liberation Day” tariffs, swiftly lifting stocks out of their slump.

Value-hunters with big stakes in a particular component kept one of the main U.S. equity indexes in positive territory.

After trading at a fresh record high earlier Friday, the Dow was no longer on track to record its first record close of 2025, with stocks losing some of their earlier altitude. Investors digested [a d