The Swiss Stock Market Finished Higher Ahead Of Fed Decision

(RTTNews) - The Swiss stock market ended Wednesday's session in positive territory. Investors remained cautious ahead of the announcement from the Federal Reserve later today, upon the conclusion of its 2-day policy meeting.

It is widely believed that the FOMC will decide to reduce its $85 billion monthly asset purchases by at least $10 billion. The weaker than expected U.S. housing start data released in the afternoon had little impact on the market.

The Swiss Market Index increased by 0.48 percent Wednesday and finished at 8,052.57. The Swiss Leader Index climbed by 0.23 percent and the Swiss Performance Index gained 0.39 percent.

The index heavyweights all finished to the upside Wednesday. Nestle and Roche both gained 1.0 percent each, while Novartis added 0.3 percent. Another defensive stock, Givaudan, climbed by 1.7 percent.

Credit Suisse rose by 0.5 percent and Julius Baer added 1.4 percent. However, UBS fell by 1.0 percent. Zurich Insurance gained 0.7 percent, after Goldman Sachs raised its price target on the stock.