General Motors climbs after agreeing to tentative labor deal with UAW that could end month-long strike
- Shares of General Motors climbed as much as 2.5% Wednesday on the announcement of a proposed tentative labor contract with the United Auto Workers union.
- The UAW said in a press release emailed to Markets Insider on Wednesday that the union sent a proposed deal to the UAW GM National Council for approval.
- Details of the deal were not released, but UAW said it represents "major wins" for workers.
- The announcement follows weeks of striking by 48,000 GM workers that has sent shares of the company sliding close to 5% over the last month.
- Watch GM trade live on Markets Insider.
General Motors' stock price rose as much as 2.5% Wednesday after the United Auto Workers labor union announced the two parties agreed on a tentative labor contract that could end a month-long strike.
The announcement comes on the back of a more than month-long strike by 48,000 GM workers. The automaker's share price has fallen almost 5% since the strike began in mid-September.The strike started due to disagreements over pay, healthcare costs, and the company's use of temporary workers. It's also the largest employee walkout in the auto industry in more than a decade. Shares of GM are up more than 10% year-to-date.
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