The Swiss Stock Market Finished Solidly Higher After U.S. Jobs Report

(RTTNews) - The Swiss stock market ended Tuesday's session solidly in positive territory. The market received a boost from the positive performance of pharma heavyweight Novartis. Investors were also pleased by the weaker than expected job growth reported by the U.S. in the afternoon.

The highly anticipated U.S. jobs report for September showed weaker than expected employment growth. However, the U.S. unemployment rate unexpectedly dropped to its lowest level since November of 2008. Investors believe that the Federal Reserve will be forced to maintain its accommodative stance.

The Swiss Market Index increased by 1.12 percent Tuesday and finished at 8,214.76. The Swiss Leader Index climbed by 0.91 percent and the Swiss Performance Index gained 0.95 percent.

Novartis rose by 2.0 percent. The drug maker reported third quarter results and lifted its full-year profit forecast for a second quarter in a row. Roche increased by 1.3 percent and Nestle added 0.8 percent.

Cyclical stocks also performed well Tuesday. Holcim climbed by 2.9 percent, Adecco (by 1.1 percent and ABB gained 1.4 percent. The luxury goods stocks were helped by the Swiss watch export figures for September, which rose significantly. Richemont rose by 0.9 percent and Swatch gained 0.4 percent.