does javascript allow you to obtain selected text?

I have a textfield and you of course you can select text...

When they hit the bold button I want it to obtain the selected text and
bold it, the hard part is trying to figure out if javascript can even
OBTAIN selected text?!?!

I can do this in java if I have to, I know java better than javascript,
it seems as that is the only way to do it from looking online.

<-- me javascript beginner

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