October 4, 20247:47 AM PDT
(Reuters) – U.S. East Coast and Gulf Coast ports were reopened on Friday after dockworkers and port operators reached a wage deal to settle the industry’s biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time.
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The strike ended sooner than investors had expected, weakening shipping stocks as freight rates were no longer expected to surge.
“The port strike ended fairly quickly, removing any significant downside risk to the economy this quarter,” said Ryan Sweet, chief U.S. economist at Oxford Economics.
At least 54 container ships had lined up outside…
