LITTLE ROCK, Ark. (Arkansas Business) -- Stocks up moderately on Friday, driven by some optimism among traders that Washington's bickering politicians can reach an agreement on the budget and on increasing the government's borrowing limit soon.
Pressure to end the shutdown and raise the debt ceiling is climbing quickly. Despite Friday's gains, the trend for the last three weeks in the stock market has been lower.
The Dow is down nearly 4 percent since hitting an all-time high on Sept. 18. Investors also looking ahead to third-quarter earnings season, which begins this week.
Cooper, Apollo deal affects Arkansas plant
A $2.2 billion deal affecting a tire plant in Arkansas is getting a push.
Cooper Tire & Rubber Co. of Ohio, which owns the Cooper Tire plant in Texarkana that employs about 1,600 workers, filed a complaint in Delaware Chancery Court on Friday asking that Apollo Tyres Ltd. be required to quickly close on their pending deal.
Apollo announced in June that it would buy Cooper for $35 per share.
Since then, the deal has been delayed by negotiations with unions. Cooper is asking the court to compel Apollo to take actions so that the deal can close.
The deal would create the seventh-largest tire company in the world.
Little Rock Riverfront real estate changing hands
Also last week: a prominent piece of riverfront real estate changing hands.
Building 5, the tallest building on the former Alltel campus in Little Rock, sold for $12 million last week to a local investment group.
That group, Allied Drive Holdings LLC, is composed of more than dozen people, including Stephen LaFrance Jr. and Jason LaFrance; and the Middleton brothers, Larry and Mark.
That group also owns Buildings 1, 2 and 3, purchased in December 2011.
Verizon Wireless is in Building 4 at the campus. In the last 18 months, about 75,000 SF in Buildings 1, 2 and 3 has been leased.