The Swiss stock market finished solidly to the upside on Wednesday, thanks in part to the strength in shares of Credit Suisse. The market got off to a positive start this morning and rallied higher in the afternoon. The positive performance from the U.S. stock markets provided support in the second half of the session.
U.S. Federal Reserve Chairman Ben Bernanke's second day of testimony before Congress was closely watched by investors, who hoped to get some hint regarding a third round of quantitative easing. The U.S. housing start result was also positively received.
The Swiss Market Index climbed by 0.91 percent Wednesday and finished at 6,202.34. The Swiss Leader Index increased by 0.30 percent and the Swiss Performance Index gained 0.20 percent.
Credit Suisse was the top performer on Wednesday, with a gain of 4.5 percent. The company's second quarter earnings results delighted the markets. The bank announced targeted cost reductions, which are expected to increase by 1 billion to 3 billion by the end of 2013. Credit Suisse also announced the strengthening of its capital base.
Lonza extended its recent upward trend and finished higher by 4.7 percent Wednesday. Richemont climbed by 3.1 percent and Swatch rose by 3.5 percent. Logitech ended the session with a gain of 3.3 percent.
by RTT Staff Writer
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