"The ability of the European Union to stabilize and fix its banking sector is extremely important in terms of the global picture"
- Michael Sheldon, chief market strategist for RDM Financial
Swiss stocks rose on Friday, August 31, after Federal Reserve Chairman Ben Bernanke said the Fed could purchase more bonds in order to bolster the economy.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies rose 0.15 per cent to 6,388.01. The broader Swiss Performance Index jumped 0.19 per cent to 5,903.73.
"He left the door open for further Fed action but did not make any firm commitments. The Fed has done enough over the past few years to lower rates, provide liquidity and prevent a major depression from developing. Now the heavy lifting should be done by Washington," said Michael Sheldon, chief market strategist for RDM Financial.
"The ability of the European Union to stabilize and fix its banking sector is extremely important in terms of the global picture."
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