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Wall Street stabilizes as investors brace for bold Fed action

Stocks on Wall Street were relatively flat Tuesday as investors and corporate America braced for the Federal Reserve to raise interest rates by as much as three-quarters of a percentage point on Wednesday in a bid to slow soaring U.S. inflation rates.

The Dow Jones Industrial Average flitted up and down in early trading and the S&P 500 was little changed after slipping into bear market territory on Monday — a hangover from a worse-than-expected inflation report ahead of the weekend.

The Labor Department reported Tuesday the Producer Price Index, which gauges inflation before it hits consumers, surged 10.