Europe’s top shipping firms would have benefited from a more prolonged strike in U.S. ports that would have let them capture a larger share of global trade

Shipping stocks in Europe and Asia took a significant hit on Friday as the resolution of a US port strike dashed hopes for a short-term rebound in freight charges. The strike, which began earlier this week,

U.S. ports reopened after dockworkers agreed to return to work, ending a three-day strike that threatened to disrupt the American economy just weeks ahead of the presidential election. The breakthrough Thursday came after port employers offered a 62% increase in wages over six years,

The end of the three-day U.S. port strike has implications for a number of transportation and shipping stocks, say analysts. Late Thursday, the International Longshoremen’s Association and the United States Maritime Alliance said they had reached a tentative agreement on wages and agreed to extend their master contract until Jan.

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how the port strike came to an end.