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Stocks shook off a morning slump and ended higher Friday, but not enough to erase their losses for the week. It was the fourth losing week in the last five for Wall Street. The latest choppy trading comes as investors worry about high inflation and the possibility that higher interest rates could bring on a recession. The S&P 500 rose 1.1%. The benchmark index is coming off of its worst quarter since the onset of the pandemic in early 2020. The Dow Jones Industrial Average rose 1% and the Nasdaq added 0.9%. The yield on the 10-year Treasury fell to 2.89%.

AP
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Asian benchmarks are mostly lower, echoing a decline on Wall Street, after a quarterly report by Japan’s central bank rekindled worries about the world’s third largest economy. Recent data suggest global growth is slowing as countries grapple with renewed waves of coronavirus outbreaks, soaring prices and the war in Ukraine. In the Bank of Japan “tankan” survey, the headline index for large manufacturers was 9, down from 14 the previous quarter, the second straight quarter of declines. However, a survey by a Chinese business magazine, Caixin, showed China’s factory activity expanded in June at its strongest rate in 13 months as the country eased pandemic restrictions, allowing manufacturing and other business activity to resume.

AP
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Global stocks are mostly higher after a wobbly day on Wall Street as markets cooled off following a rare winning week. Oil prices extended gains while U.S. futures also surged. On Monday, the S&P 500 edged 0.3% lower, the Dow Jones Industrial Average slipped 0.2% and the Nasdaq fell 0.8%. Small-company stocks rose. Declines in technology and communication stocks, and in several big retailers and travel-related companies weighed on the market. Stocks closed out last week with solid gains and the S&P 500 had its best day in two years on Friday.

AP
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European Union leaders are discussing their response to the severe economic turbulence looming over the coming months as the full impact of Russia’s war sinks in and the threat of recession rises. The EU’s 27 leaders gathered in Brussels on Friday to grapple with surging inflation, energy shocks, dwindling business and consumer confidence, and growing budget pressures. The leaders also will have to contend with higher borrowing costs as the European Central Bank prepares to raise interest rates for the first time in 11 years next month to counter runaway price rises. They're gathering a day after endorsing Ukraine’s candidacy to join the bloc.

  • Updated

The Federal Reserve intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession. The move the Fed announced after its latest policy meeting will increase its benchmark short-term rate, which affects many consumer and business loans. The central bank is ramping up its drive to tighten credit and slow growth with inflation having reached a four-decade high of 8.6%, spreading to more areas of the economy and showing no sign of slowing.