World Markets

The Swiss Stock Market Sank After Fed Decision

(RTTNews.com) - The Swiss stock market ended Thursday's session sharply lower as investors had their first opportunity to react to yesterday's policy decision from the Federal Reserve.

The Fed raised interest rates by a quarter point, as widely expected, and indicated it still expects to hike rates twice in the first half of next year. The central bank's tone was not as dovish as some investors had hoped.

The Swiss Market Index decreased by 1.47 percent Thursday and finished at 8,414.48. The Swiss Leader Index dropped 2.07 percent and the Swiss Performance Index lost 1.56 percent.

Lonza was among the weakest performing stocks of the session, tumbling 6.2 percent. SGS forfeited 3.3 percent and Lafargeholcim lost 3.2 percent.

Julius Baer sank 4.4 percent, Credit Suisse weakened by 3.8 percent and UBS surrendered 3.9 percent.

Swatch Group and rival Richemont declined by 2.4 percent each.

Among the index heavyweights, Nestle decreased 1.2 percent, Novartis fell 0.6 percent and Roche slid 0.2 percent.

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