A broad consensus that markets hate uncertainty more than anything else is being tested on an almost daily basis in 2025.

The Dow held up slightly better than the S&P 500 and Nasdaq composite, after the latter two closed at record highs Thursday. Blue chips on the Dow pulled back 0.5% in recent action. The 30-stock index sits just below the 45,000 level after three rising weeks and was nearing its record high.