Wall St. rally doesn't reassure business owners

Though good news from Citigroup brought the stock market back up this week, it didn?t do much to change the minds of Long Island business owners when it comes to the economy. The stock market had its

News 12 Staff

Mar 11, 2009, 11:58 PM

Updated 5,609 days ago

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Though good news from Citigroup brought the stock market back up this week, it didn?t do much to change the minds of Long Island business owners when it comes to the economy.
The stock market had its best day of 2009 on Tuesday after Citigroup reported its profits for the first two months of the year. The Dow rose 379 points Tuesday and though it struggled Wednesday, it still closed in the positive. Also this week, Federal Reserve Chairman Ben Bernanke said the recession could end this year, sooner than expected.
However, many small business owners say they?re still skeptical of an ensuing economic recovery.
"I don't think anybody, including [Bernanke], knows what?s going to happen,? small business owner Rick Courtney says. ?If they knew what was going to happen, they would have prevented it from happening in the first place."
Others are cautiously optimistic and know a lot of work must be done before the economy is fully rebounded.
"I figure another eight months to a year before things get better,? Mayer?s Discount Fence owner Bruce Mayer says. ?But it?s going to be a slow rise to fix the damage that was done.?
House Speaker Nancy Pelosi says she's open to a second stimulus package, but doesn't know how big it should be.
Help available for small Long Island businesses
SCORELong IslandNassau County Economic DevelopmentNYSDepartment of LaborCommunityDevelopment


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