Fed fines Goldman Sachs $54.75 million for unsafe forex trading practices

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Dow touches session lows as Goldman slices 20 points from blue chips in early action

The Dow Jones Industrial Average early Monday was under selling pressure, with a decline in shares of Goldman Sachs Group Inc., exacting the most pressure among the benchmark’s 30 components. The Dow was most recently off 40 points, or 0.2%, at 24,415. The benchmark was down by as many as 62 points, with shares of Goldman contributing about 20 points, down 1.2%, or $3.18, at $248.78. A $1 swing in any one of the Dow’s components equates to a 6.89-point move in the average. Goldman’s decline comes even as the benchmark 10-year Treasury note climbed toward a psychologically significant level around 3% for the first time since 2014. Rising yields should underpin a bank’s business model of borrowing over a longer term and paying depositors on a shorter term. Elsewhere, the S&P 500 index was trading flat at 2,670, while the Nasdaq Composite Index gained 0.1% at 7,156. All three benchmarks have been swinging in and out of positive territory to start the week.

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