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Wall Street opens gingerly higher at end of a brutal week

Stocks are opening gingerly higher on Wall Street Friday at the end of a brutal week. The S&P 500 rose 0.8% in the early going, but it’s still down more than 5% for the week. The Dow was up 0.6% while gains for tech companies pushed the Nasdaq up 1.4%.

Stocks are opening gingerly higher on Wall Street Friday 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. 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 0.8% in the early going, but it’s still down more than 5% for the week. The Dow was up 0.6% while gains for tech companies pushed the Nasdaq up 1.4%.

London, Frankfurt, Shanghai and Hong Kong advanced. Tokyo retreated. Oil prices rose to stay close to $120 per barrel.

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(source Associated Press)