The Swiss stock market finished to the upside again Tuesday, extending the recovery from Monday. The better than expected German ZEW economic indicator helped the market to get off to a positive start. The relaxation in the yields of Spanish government bonds also helped, as the return on ten-year securities fell back below 6%.
The positive mood extended into the afternoon, with the rally in U.S. stocks. The gains were fueled mostly by better than expected earnings reports from companies like Coca-Cola and Goldman Sachs.
The Swiss Market Index rose by 1.23 percent Tuesday and closed at 6,200.27. The Swiss Leader Index increased by 1.30 percent and the Swiss Performance Index gained 1.30 percent.
Financial stocks were a source of strength Tuesday, especially shares of the big banks. UBS rose by 4.0 percent and Credit Suisse increased by 3.6 percent. Julius Baer also finished higher by 2.8 percent.
Kuehne + Nagel recovered somewhat from Monday's sharp sell-off, turning in a gain of 4.8 percent. The stock declined by nearly 10 percent yesterday, following its disappointing quarterly report.
by RTT Staff Writer
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