Wall Street Slide Hits Shares
May 11, 2011
The Swiss Market Index closed down 10 points at 3682.6. The U.S. market stumbled in early New York trading Thursday after the Commerce Department said it revised second-quarter growth upwards to a 4.8% growth rate, well above the 4.2% rate initially reported and the 4.1% rate that economists had forecast. The report rekindled fears of higher U.S. interest rates. Among actively traded shares, Ciba-Geigy lost 8 Swiss francs at 1,530; merger partner Sandoz shed 10 francs at 1,436; and Roche Holding dropped 40 francs to 9,230. In the financial sector, Union Bank of Switzerland climbed 5 francs to 1,180, while Swiss Bank added 0.50 franc to 236.75. CS Holding, parent of Credit Suisse, moved ahead 0.25 franc to 128.25. The insurance sector ended mostly higher, with Zurich Insurance up 2 francs to 336, and Winterthur Swiss Insurance ahead 2 francs to 753. But Swiss Reinsurance dipped 9 francs to 1,307 amid profit-taking. Elsewhere, Nestle gave up 8 francs to 1,414, while ABB Asea Brown Boveri rose 1 franc to 1,483.
