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Treasury Rates Climb as Gold to S&P 500 Retreat After Fed

Yields on 10-year Treasury notes climbed to a three-month high, gold sank and the Standard & Poor’s 500 Index fell from a record following the Federal Reserve’s decision to reduce bond purchases. European stocks rose, catching up with yesterday’s U.S. rally.

Ten-year yields jumped four basis points to 2.93 percent by 4:44 p.m. in New York, while the S&P 500 lost 0.1 percent to 1,809.60. The Stoxx Europe 600 Index added 1.7 percent, the most in more than three months. Gold slid below $1,200 an ounce for the first time since June, reaching the lowest prices in euros and pounds since 2010. Oil rose to a two-month high. The U.S. dollar gained versus most major peers as the Bloomberg-JPMorgan Asia Dollar Index dropped to the lowest level since September.