Railroads and unions reach tentative agreement: Here’s what it means

Railroads and associated unions have reached a tentative labor agreement, likely averting a massive rail strike that would have been devastating for the economy.

The clock was racing as a Friday deadline for when strikes could begin quickly approached, with the tentative deal finally being inked early Thursday morning. A verbal agreement was reached at about 2:30 a.m., and the final details were worked out in the following few hours.