Stocks rise on Goodyear agreement

Shares of Goodyear Tire & Rubber have rallied as the company reached a tentative agreement with the United Steelworkers of America regarding a three-year labour contract.

Goodyear stock rose 44 cents, or 7%, to $6.73 with volume of 3.49 million shares changing hands.

The deal must be ratified 16,000 rank and file workers represented by the union. The negotiations with the Akron, Ohio-based Goodyear began in March.

Details of the new agreement, which comes after months of negotiations have not been made public.

Goodyear was targeted for a benchmark industry contract by the union, which also has contracts with Bridgestone's Firestone division and Michelin's Goodrich/Uniroyal unit.