Teamsters at UPS finalize votes for new labor contract

A final vote wrapped up Friday to approve a UPS-Teamsters labor agreement that averted a massive strike, clearing the way for the new contract to take effect.

The International Brotherhood of Teamsters’ national master agreement with UPS covers some 340,000 drivers, package handlers and other workers at UPS.

Overall, the five-year UPSTeamsters contract was ratified with a record 86.3% of votes in favor and 58.1% voter turnout, according to the union.

The new contract means higher wages, more full-time jobs and protections for UPS workers, including giving current part-time workers raises to at least $21 per hour immediately, according to the Teamsters. Full-time delivery drivers will get wage increases to an average top rate of $49 per hour.

Wall Street climbs to clinch its first winning week in a month

Stocks rose to send Wall Street to its first winning week since July. The S&P 500 climbed 0.7% Friday after flipping between small gains and losses a few times through the day.

The Dow Jones Industrial Average added 247 points, and the Nasdaq composite rose 0.9%. The gains came after the head of the Federal Reserve said it will proceed carefully as it decides what to do with interest rates. The Fed has already hiked its main rate to the highest level in 2001 in hopes of driving down inflation, and many investors would rather not see any more.

Chair Jerome Powell said the fed will make upcoming decisions on interest rates based on what incoming data reports say about inflation and the economy, and he made no promises about what’s coming next.