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. (COL, Financial) jumped more than 9% on Friday after Bloomberg reported that United Technologies (UTX, Financial) 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
- American Airlines Group Inc. (AAL, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- United Technologies Corp. (UTX, Financial)
- Mattel Inc. (MAT, Financial)
- Sealed Air Corp. (SEE, Financial)
Losers
- Concho Resources Inc. (CXO, Financial)
- Devon Energy Corp. (DVN, Financial)
- EOG Resources Inc. (EOG, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
- Hess Corp. (HES, Financial)
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.
