US stocks falter as utilities fall
|London | Wall Street | Asia|
(Close): The US stock market failed to sustain its morning rally as falling utilities cancelled out earlier gains made on news of takeover deals.
The tech-centric Nasdaq lost 7.08 points, or 0.14%, to end at 4,910.23.
In 2013, UPS tried to buy TNT but the deal was blocked by European competition regulators.
On the Nasdaq, shares in Informatica jumped 4.28% to $47.79 after the company said it was being bought by private equity firms Permira Funds and Canada Pension Plan Investment Board for about $5.3bn.
Under the terms of the deal, shareholders in Informatica will get $48.75 per share in cash.
General Motors' shares fell 2.53% after Canada announced it had sold its remaining stake in the carmaker.