Big Apple Ranked Number One Best City for Business

NEW YORK CITY-The week ended poorly Friday afternoon, with the Nasdaq, Dow Jones and Standard & Poor’s all down. Recent reports show the real estate market is loosening, and discussions about the economy’s future grow increasingly skeptical. Today, however, the city will stand tall as it is named tops for business.

Mayor Rudy Giuliani will join Fortune magazine officials to announce New York is ranked “the number one best city for business.” It will happen this afternoon at 2 p.m. in the Nasdaq Visitors Center in the Lobby Level Broadcast Studio at 4 Times Square on the corner of 43rd Street and Broadway. According to some who spoke informally with GlobeSt.com, this can only help the value of property here. Then it couldn’t come at a better time as Wall Street marches toward an economic downturn.

Last week was a bad one on Wall Street, with traders panicking over debates raging between the Bush camp and voters in Palm Spring County, FL seeking the ability from the courts to recast their votes in the presidential election. Nasdaq was down Friday by 171.36, its lowest since Nov. 3, 1999. Overall for the week it fell 422.59. The Dow Jones fell 231.30 and Standard & Poor’s fell 34.16 on Friday. For the week the Dow fell 215 and the S&P fell 60.71.