The Swiss Stock Market Inched Higher Ahead Of Fed Announcement

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(RTTNews.com) - The Swiss stock market got off to a weak start Wednesday, after returning from yesterday's holiday. However, the market quickly recovered and remained in positive territory for the majority of the session. Despite paring its gains going into the close, the market held on to a slight increase.

Traders were in a cautious mood ahead of today's policy decision from the Federal Reserve. The Fed is widely expected to leave rates unchanged when it concludes its meeting later today. However, traders will keep a close eye on the accompanying statement for any clues regarding the outlook for future rate hikes.

The Swiss Market Index increased by 0.11 percent Wednesday and finished at 8,896.28. The Swiss Leader Index climbed 0.22 percent and the Swiss Performance Index added 0.20 percent.

Swisscom dropped 3.5 percent after its first quarter results met expectations.

Index heavyweight Novartis fell 0.4 percent. The company received approval from the US FDA for Kymriah, for the treatment of patients with relapsed large B-cell lymphoma.

Nestle declined 0.8 percent, but Roche advanced 1.3 percent.

Richemont climbed 1 percent and rival Swatch Group added 0.6 percent.

Credit Suisse slid 0.3 percent and UBS fell 0.9 percent. Meanwhile, Julius Baer gained 0.9 percent.

In the broad market, AMS jumped 7 percent. The chipmaker, who supplies Apple with iPhone components, surged after Apple's stronger than expected quarterly report.

Read the original article on RTTNews (http://www.rttnews.com/2889680/the-swiss-stock-market-inched-higher-ahead-of-fed-announcement.aspx)

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This article appears in: Politics , World Markets , US Markets , Stocks
Referenced Symbols: AAPL ,

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