By Dean Seal

 

Shares of major U.S. railroad companies are rising in premarket trading Thursday after the White House said a tentative agreement had been reached to avoid a potential railway strike.

Norfolk Southern Corp. shares added 3.1% to $245.50. Shares of CSX Corp. gained 4.1% to $32.50, and Union Pacific Corp. shares were up 4.1% to $226.99.

The Biden administration had been in talks with the unions and the rail companies to prevent a shutdown that would have further aggravated the U.S.'s already strained supply chain.

Railroad operators saw their shares fall this week as rising fears of a potential strike were met with a wider market downturn. Things started turning around after President Biden said the sides had negotiated in good faith and reached a tentative deal.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

September 15, 2022 08:05 ET (12:05 GMT)

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