U.S. Losses Stun Investors
March 28, 2011
The Swiss Market Index fell 13.1 to 3678.5 after dropping to a session low of 3641.6. Volume was high, with all sectors and the main blue chips being caught by the fallout from the damaging losses in the U.S. equity market. The Dow Jones Industrial Average was down 14 points in midday trading after plunging 161 points a day earlier on worries about rising U.S. interest rates and weak earnings. Meanwhile, Nestle's first-half sales provided the session's main corporate news story. The 5.8% rise in six-month sales were broadly in line with expectations, but not sufficiently strong to enable the stock to buck the downtrend. Nestle slipped 36 Swiss francs to 1,430. In the banking sector, Swiss Bank eased 4.25 francs to 238.25; Union Swiss of Switzerland lost 25 francs at 1,234; and CS Holding declined 2.25 francs to 126.75. Among drug stocks, Roche Holding fell 195 francs to 9,360 and Hartwig dropped 37 francs to 1,394.
VastPress 2011 Vastopolis
