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.

U.S. stocks finished mostly lower on Friday, as the S&P 500 and Nasdaq slipped at the end of what was otherwise a strong week on Wall Street. The Dow Jones Industrial Average finished higher, but missed what would have been its first record close of 2025.