Chrysler, Union Reach Deal

The labor strike at Chrysler came to a quick resolution Wednesday, with the automaker reaching a tentative deal with the United Auto Workers union just hours after workers walked off the job.

In a brief statement, the UAW said the strike begun at 11 a.m. EDT will be recessed immediately. The union didn't give any details of the deal, though it said the agreement "protects jobs for our communities and also protects wages, pensions, and health care for our active and retired members."

With the agreement, Chrysler managed to avoid a longer work stoppage like the one at its Detroit counterpart, General Motors(GM Quote). Workers at GM were on strike for two days last month before the union reached a landmark deal with the company. That agreement was ratified Wednesday.

Chrysler, recently acquired by private-equity firm Cerberus Capital Management, is privately held, so its strike had no direct consequences for the stock market. Its agreement with the UAW, however, could have implications for Ford (F Quote), which is next in line to hammer out a new contract with the union.