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Stocks hold steady on Wall Street at close of a brutal week

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Financial Markets Wall Street

FILE - In this Aug. 28, 2009 file photo, a sign is shown at the New York Stock Exchange in New York. Stocks are opening gingerly higher on Wall Street Friday, June 17, 2022 at the end of a brutal week. Stocks suffered several massive drops this week as markets get accustomed to the bitter medicine of higher interest rates that the Federal Reserve and other central banks are using in their battle against inflation. (AP Photo/Frank Franklin II, file)

NEW YORK (AP) — Stocks are holding steady in early trading on Wall Street Friday at the end of a brutal week.

Major indexes suffered several massive drops this week as markets get accustomed to the bitter medicine of higher interest rates that the Federal Reserve and other central banks are using in their battle against inflation.

Higher rates fight inflation but they also slow down the economy and can push prices lower for stocks and bonds. The S&P 500 rose 0.1% and is on track to fall more than 6% for the week. The Dow was down 0.1% and the Nasdaq rose 0.8%.

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