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"The market once again draws hope that politicians finally convert words into action"
- Markus Wallner, an equity strategist at Commerzbank AG
Swiss stocks gained on Monday, rebounding after a week of losses amid speculations that European Union's top officials are preparing solutions to tame the sovereign debt crisis.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, advanced 2.35%, or 127.05 points, to 5,522.66. The broader Swiss Performance Index gained 2.47%, or 120.62 points, to 5,008.46.
"The market once again draws hope that politicians finally convert words into action, this has boosted the markets, especially after the losses last week," said Markus Wallner, an equity strategist at Commerzbank AG in Frankfurt. "This may only be a short-term upmove as even the smallest disappointment could turn the markets again."