[video] Markets Set to Add Over One Percent for the Week

Tickers in this article: F GM TXT

The video this transcript is based on appeared on December 27.

NEW YORK (TheStreet) -- Stocks edged higher in early trading and Textron is buying the parent company of Beechcraft in a cash deal valued at $1.4 billion.

VIDEO TRANSCRIPT:

Good morning and happy Friday. I'm Jeanne Yurman.

Stocks are moving higher once again in this last day of the holiday shortened trading week. If markets hold on to gains today this will mark the seventh straight advance for stocks--the longest streak since March. All three major stock gauges are poised for weekly gains of well over one percent.

In corporate news, industrial conglomerate Textron is scooping up the parent company of Beechcraft in a cash deal valued at $1.4 billion. This expands Textron's aviation business by adding production of Cessna planes to its existing line of Bell helicopters. At last check,  shares were climbing nearly 2 percent.

And a major recall for General Motors . GM and its Chinese partner SAIC have issued a recall in China for more than 1.46 million Buick and Chevrolet cars due to defective fuel-pump brackets according to China's regulator. This marks one of the biggest recalls ever in the world's largest auto market.

Separately, according to China's watchdog, Ford Motor and its Chinese partner also will recall close to 81,000 of its Kuga cars over a steering part. Both stocks are trading down less than one percent.

And those are your morning headlines. For TheStreet, I'm Jeanne Yurman in New York.

Written by Jeanne Yurman in New York.