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Swiss Market Ends Sharply Higher Again

The Switzerland stock market ended higher on Thursday, extending gains to a third successive session, despite a weak start and a subsequent long spell in negative territory.

Investors made some strong buying in the last couple of hours of the session.

The passing of a massive $2-trillion fiscal stimulus bill by the U.S. Senate yesterday, supported the market. The bill now heads to the Democrat-controlled House, which will be under pressure to quickly send the legislation to President Donald Trump's desk.

Investors were also hoping further support from global central banks and governments to limit the economic impact of the rapidly spreading coronavirus pandemic.

The benchmark SMI, which opened nearly 100 points down at 8,895.18 and slipped further in early trades, rallied to end at 9,203.98, gaining 214.82 points, or 2.39%.

On Wednesday, the SMI notched up a gain of 2.93%, after having surged up 7.02% a session earlier.

Credit Suisse gained 6.1%. UBS Group shares ended stronger by 5.4%.

ABB advanced 6.1% and Adecco gained about 5.35%. LafargeHolcim, Geberit, Novartis, Lonza Group, Swiss Re, Sika, Zurich Insurance Group, Swiss Life Holding and Nestle gained 2 to 4%.

In the midcap space, Sonova gained 6.15% and Temenos ended nearly 5% up. Bucher Industries, AMS and Julius Baer ended higher by 3.8 to 4%, OC Oerlikon Corp, Schindler Ps, BB Biotech, Dorma Kaba Holding and Georg Fischer gained nearly 3%.

Among the other major indices in Europe, the U.K.'s FTSE 100 ended up 2.24%, Germany's DAX advanced 1.28% and France's CAC 40 surged up 2.51%. The pan European Stoxx 600 gained 2.55%.

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