The Swiss stock market climbed to a new multi-year high Wednesday, driven by comments from U.S. Federal Reserve Chairman Ben Bernanke. The market closed above the 8,400 point level for the first time since 2007.
During testimony before the Joint Economic Committee of Congress, Bernanke downplayed speculation that the central bank is planning to taper its $85 billion monthly bond buying program. He stated that the economic recovery remains too fragile to proceed without extraordinary support from the Fed.
The Swiss Market Index increased by 1.07 percent Wednesday and finished at 8,407.11. The Swiss Leader Index climbed by 0.71 percent and the Swiss Performance Index added 1.02 percent.
The strong performance of the index heavyweights provided support to the overall market. Roche gained 3.0 percent, after Citigroup upgraded its rating on the stock to "Buy" from "Neutral." Novartis increased by 1.7 percent and Nestle added 0.6 percent.
Among the cyclicals, Kuehne + Nagel was the top gainer, with an increase of 1.6 percent. Clariant advanced by 1.5 percent and Adecco gained 1.2 percent. The big banks also finished in the green. Credit Suisse rose by 1.1 percent and UBS added 0.5 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.