Wall Street stocks shrugged off early weakness to begin the second half of 2022 on a solid note Friday, but record eurozone inflation underscored the potential for more turbulence ahead. New York equities spent much of the morning in the red, absorbing an industry survey showing slowing growth in the manufacturing sector. But US markets reversed course in the final hours of trading, rallying into the Independence Day holiday weekend amid hopes for a better second half of the year. Investors are coming off the worst six-month start to a year for the S&P 500 since 1970. Earlier, both Paris and Frankfurt stocks ended the day with small gains despite news of record-high eurozone inflation that reinforced expectations of a European Central Bank interest rate hike later this month. The EU’s Eurostat data agency said annual consumer price inflation in the 19 countries that use the euro soared to 8.6pc in June, up from the prior record of 8.1pc in May. “With eurozone inflation now becoming more broad-based in nature, the outlook for the eurozone for the rest of 2022 continues to look bleak,” warned Pushpin Singh, Economist at the Centre for Economics and Business Research. “This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions,” he added.