Shares Recover on U.S. Data
May 19, 2011
The Swiss Market Index rose 10.7 to end the day at 3637.8. A stronger-than-expected U.S. jobs report, that showed a rise in nonfarm payrolls of 250,000, caused confusion early in the day as investors struggled to determine whether the data provided enough proof of an overheating economy to prompt the Federal Reserve Board to raise U.S. interest rates. But market players soon discounted the strength of the payrolls report, because 77,000 of the 250,000 new payroll additions were government-sector jobs, putting U.S. public-sector growth at just 173,000 in August. Among the strongest gainer on the Swiss bourse was Union Bank of Switzerland a day after it announced it won a key court decision on the legality of its single-share plan.
VastPress 2011 Vastopolis
