The Swiss Stock Market Rallied Higher Friday

(RTTNews) - The Swiss stock market ended Friday's session with a significant increase, after returning from the Christmas holiday. The market received a boost from the positive U.S. jobless claims report, which was released on Thursday, as well as the IMF increase of the growth forecast for the United States.

The U.S. jobless claims data suggested a substantial recovery in the U.S. labor market. The U.S. economy is showing continued signs of recovery, easing investor concerns about the potential market impact of a reduction in Federal Reserve stimulus.

The Swiss Market Index increased by 1.42 percent Friday and finished at 8,221.90. The SMI ended the shortened trading week with an overall gain of 1.7 percent. The Swiss Leader Index climbed by 1.35 percent Friday and the Swiss Performance Index added 1.31 percent.

The trading session was quiet on Friday, with a number of holiday-related absences in trading rooms. There was relatively little economic data or corporate news to drive the direction of trading.

The market received support from the strong performance of the pharmaceutical heavyweights. Novartis advanced by 1.7 percent and Roche gained 2.0 percent. Financial stocks were also positive. Credit Suisse increased by 1.8 percent, while UBS and Julius Baer both added 1.4 percent each. Transocean was among the largest gainers, rising by 2.7 percent.