Shares of industrial and transportation companies rose amid deal activity.

Manufacturing conglomerate Honeywell International agreed to buy rival Carrier Global's security business for about $5 billion, as major firms explore consolidation as a means to drive growth once again following a moribund year for mergers and acquisitions.

Japanese industrial giant Toshiba and electric-parts company Rohm will invest $2.69 billion in a venture to produce power devices, a move aligned with the Tokyo government's drive to ensure a stable supply of semiconductors in Japan.

Write to Rob Curran at

(END) Dow Jones Newswires

12-08-23 1726ET