The Swiss Stock Market Dropped After Paring Early Gains

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(RTTNews.com) - The Swiss stock market got off to a positive start Thursday, extending yesterday's gains. However, the market pared its early gains in the first few hours of trade before slipping into negative territory, where it remained for the rest of the session.

The Swiss National Bank maintained its negative interest rates while repeating its concerns about a "highly valued" currency, and cited risks from political uncertainty in Italy.

The central bank also upgraded its short-term inflation outlook on rising oil prices.

The Swiss Market Index decreased by 1.14 percent Thursday and finished at 8,459.93. The Swiss Leader Index dropped 1.2 percent and the Swiss Performance Index lost 1.08 percent.

The index heavyweights all finished in the red Thursday. Nestle dropped 1.3 percent, Novartis fell 0.8 percent and Roche lost 0.4 percent.

UBS weakened by 1.4 percent and Credit Suisse declined 1.8 percent. Julius Baer also finished lower by 1 percent.

Swiss Re decreased 1.9 percent, Swiss Life fell 1.2 percent and Zurich Insurance slid 1 percent.

Swatch Group sank 2.5 percent and rival Richemont surrendered 1.9 percent.

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This article appears in: World Markets , 401k , US Markets , Stocks , Retirement
Referenced Symbols: CS ,

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