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U.S. stocks fell and a selloff in government bonds stabilized Friday, after the latest sign that the Federal Reserve will tighten monetary policy aggressively to fight inflation.
The S&P 500 lost 1.2%, while the technology-heavy Nasdaq Composite declined 0.7%. The Dow Jones Industrial Average dropped about 500 points, or 1.4%. All three indexes were on course to finish the week in the red.