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10/16, 5:54 PM (Source: TeleTrader)
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UAW, GM announce tentative deal

United Auto Workers and General Motors Co. reached a tentative labor agreement on Wednesday, according to the UAW.

UAW Vice President Terry Dittes stated: "The number one priority of the national negotiation team has been to secure a strong and fair contract that our members deserve." The deal could mean the end of UAW's month-long strike as the union represents more than 48,000 workers at GM factories. No specifics of the agreement were announced.

The strike will continue until UAW GM National Council approves the proposed agreement by voting. UAW implied last week that it could reach a tentative deal with GM.

GM's shares increased by 2.12% to go for $37.03, highest in October, at 12:20 ET.

Breaking the News / MS