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The Swiss Stock Market Finished Higher Wednesday, But Well Off Intraday High

5/2/2012 12:15 PM ET

The Swiss stock market returned to action on Wednesday, following yesterday's May Day holiday. The market got off to a positive start, building off of Tuesday's rally in the U.S. and the strong performance in Asia. The U.S. rally was sparked by the better than expected ISM manufacturing data.

The Swiss market began to retreat in the afternoon, following the release of the weaker than expected U.S. ADP private sector employment report. Investors will be watching for the release of the U.S. jobs report, which is due out on Friday. Weak economic reports from Europe also weighed on investors.

The Swiss Market Index rose by 0.20 percent Wednesday and finished at 6,108.77. The Swiss Leader Index increased by 0.52 percent and the Swiss Performance Index gained 0.19 percent.

Shares of UBS climbed by 3.7 percent Wednesday, but earlier in the session the stock has been up close to 7 percent. The company reported slightly lower than expected quarterly results, but the company saw strong net new money inflows in the wealth management businesses.

Shares of Swisscom increased by 4.38 percent, after the company confirmed its guidance for the year. The company also announced that it would return to dividends in 2013 if it attains all of its targets for 2012.

by RTT Staff Writer

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