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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.