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US stocks end bruising week near ‘bear market’ territory

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US stocks end bruising week near ‘bear market’ territory

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The Dow and S&P 500 finished a tumultuous session essentially flat, putting an end to a brutal week of losses on an uncertain note.

Fears of a recession as the Federal Reserve raises interest rates and inflation tests consumer resilience weighed on the market all week, sending the S&P 500 into a bear market early on Friday.

The broad-based S&P 500 finished at 3,901.36, basically unchanged for the day but down three percent for the week.

A “bear market” is a drop of at least 20 percent from a recent market peak. The S&P 500 is currently down about 19 percent from its January high.

The Dow Jones Industrial Average was also unchanged at 31,261.90, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 11,354.62.

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The drop in stocks is “generally signaling slower growth at the very least,” said LBBW’s Karl Healing, adding that “a lot of people are talking about a recession next year.”

Ross Stores plunged more than 22% among individual firms, as it joined the list of retailers experiencing a drag from increasing operational costs.

Despite raising its earnings prediction, Deere & Company fell 14.1 percent after the agriculture-focused equipment producer reported supply chain issues were impacting production and delivery timetables.

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