A dollar gauge rose to yet another record as 10-year Treasury yields held near the highest in a decade.
Goldman Sachs Group Inc. slashed its year-end target for the S&P 500 Index to 3,600 from 4,300, citing a higher interest-rate path from the Federal Reserve, while strategists gave up on a year-end rally for European stocks as private-sector activity in the region continued to contract. While the dollar continued its relentless advance on expectations for higher rates, a surprise cut by Turkey’s central bank sent the lira to a fresh all-time low and its longest weekly losing streak in 23 years. The yen fluctuated as traders braced for more action after Japan intervened to prop up the ailing currency for the first time since 1998.
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