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ovenerio
Omar Venerio
Articles (1399) 

US Stock Market Red on Black Friday

United Technologies, Rockwell Collins jump on acquisition approval

U.S. stocks retreated on Friday morning with the Dow Jones Industrial Average falling more than 170 points to 24,285, the S&P 500 index dipping 0.66% to 2,632 and the Nasdaq Composite Index retreating 0.48% to 6,938.

Shares of Rockwell Collin Inc. (NYSE:COL) jumped more than 9% on Friday after Bloomberg reported that United Technologies (NYSE:UTX) received final regulatory approval in China for its $23 billion purchase of the aerospace supplier. Shares of United Technologies rose 2.5%.

After more than a year, the deal is expected to close next week on Wednesday. CEO Greg Hayes said that with the deal, the company could separate the businesses in the future.

China was the last regulatory approval needed after Brazil and the Union European gave it a green light.

Gainers

Losers

Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 lost 0.11%, France's CAC 40 rose 0.18%, Germany's Dax jumped 0.49% and Spain's IBEX 35 gained 0.12%.

In Asia, Japan's Nikkei 225 gained 0.65%, India’s BSE Sensex fell 0.62%, Hong Kong's Hang Seng retreated 0.35% and China's Shanghai Composite tumbled 2.49%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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