Market Watch: Hope in Small Business and on Wall Street
This week, the efforts to combat the side effects of the massive health crisis are being shown in the improvement of stock market numbers across the board. Despite predictions of the worst week for the United States, recent drops in death counts, and health breakthroughs give hope for Americans and confidence for investors. The Dow Jones Industrial Average closed +1.22%, S&P 500 up 1.45%, and NASDAQ up .77%. Stocks jumped on Thursday after The Federal Reserve announced they would add $2.3 trillion into the economy.
An increase in confidence by U.S. Treasury Secretary, Steven Mnuchin, who told CNBC that he believes the U.S. economy could be open within the next month. The stock market has had record-breaking gains, proving investors' confidence in the restoration of the country.
While Wall Street sees small improvements, small businesses in Poughkeepsie try to stay afloat. Rossi & Sons Rosticceria Deli is one of many adjusting to a new normal operation.
Johnson & Johnson announced they would be testing a COVID-19 vaccine that could be ready by early 2021, shooting the stock up by 8% last week. The FDA also approved an anti-malaria treatment that can be used on severe patients. Abbott Laboratories announced a COVID-19 test that could produce results in less than five minutes. Many other actors, along with the scientific developments, have helped stocks from dropping below recession levels.
Rossi’s is one of Poughkeepsie’s small businesses struggling to stay afloat in the wake of a global pandemic. Source: Marist Dining
The first to be impacted by the current conditions, small businesses are forced to minimize hours operations and adjust to making their staff comfortable. According to Roberto Rossi, the beloved deli’s owner, the hospitality business relies on local customers and loyal community members to stay afloat.
"Hospitality is the backbone of our society; it goes everywhere. It trickles down, it is a huge part of the economy, and it is the first thing that is cut off from people, that is suffering right now," Roberto Rossi, one of the three owners of Rossi's, says.
“Staff is here, they’re happy they are working, they understand that we are here to make their lives comfortable.”
Rossi's has come up with ways to conduct business and keep their employees safe and comfortable. Meanwhile, they are still providing for a community that has been loyal to their company. There are many things that Rossi's has seen to be working for them, including a curbside tent in which they serve customers, gift cards, dinners to go, and deliveries. Rossi's is working off of an abbreviated menu and hours, but still maintaining some workflow. He shared that the company is fortunate, as they reassess the situation daily and work from there.
"Staff is here, they're happy they are working, they understand that we are here to make their lives comfortable,” he said. “We are lucky."
Rossi shared the restaurant's plans to open a flagship store by 2021 in another area of Poughkeepsie that has been in the works for over two years. Despite the current conditions, they are moving forward with their projects. They want to keep optimism high in such a dark time for the nation, and by staying open and planning to expand, it gives some hope for the community.
The second location in Poughkeepsie will provide employment opportunities to over 60 people in the surrounding area by 2021, and as millions of jobs are being lost, this can be extraordinarily beneficial to the city.
In a time of such uncertainty, small businesses that are proving to be sustainable reassures public confidence in the strength of the country. Health breakthroughs, along with scientific developments, are the primary factor in keeping Americans optimistic, investors spending, and businesses proceeding with expansion.
“We really do need to keep that optimism and things will return, people need to eat and go out,” Rossi said. “We need to continue on the path we are on.”
If you own or operate a small business in the Poughkeepsie area, we want to hear your story. Please contact us at writethecircle@gmail.com to tell us how you’re dealing with COVID-19 today.