GM, UAW reach tentative deal after monthslong strike
Shares of General Motors Co. rose more than 2% Wednesday after news that the car maker and the United Auto Workers union had reached a tentative deal to end the monthslong strike at GM. The strike affected more than 30 GM plants in the U.S. and a deal would cover more than 46,000 UAW-represented workers. The union has declined to provide details of the agreement, which will need to be approved by a simple majority of workers, according to a report by The Wall Street Journal. The strike was the longest since the 1970s. GM stock has gained 11% this year, underperforming the S&P 500 index , which has gained 19% in the same period.
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