Thursday May 15, 04:31 PM
General Motors bounces off 1-mo. low as 2 unions reach tentative agreements
NEW YORK (Thomson Financial) - Shares of General Motors (NYSE: GM - news) rallied Thursday, moving to the top of the Dow industrials' percentage gainers list, amid positive news on the labor front.
GM's stock was last up 1.8% at $20.56, erasing earlier losses of as much as 1.2%. On Wednesday, the stock had hit a one-month low of $19.75 in intraday trading.
The United Auto Workers, striking at GM plant in Michigan, said it reached a tentative agreement with GM early Thursday, with a ratification vote scheduled for Friday.
Separately, the Canadian Auto Workers Union said it reached a tentative agreement early Thursday with General Motors, and that an agreement in principle has also been reached with Chrysler.
The CAW said the agreement will be voted on by GM workers on Friday.
Tomi Kilgore
tk1
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