U.S. Stock Markets to Close on January 9 in Honor of Former President Jimmy Carter

The U.S. stock markets will close on January 9, in observance of a national day of mourning for former President Jimmy Carter, who passed away on December 29 at the age of 100. The New York Stock Exchange, Nasdaq Inc., and Cboe Global Markets Inc. will suspend trading, as announced by the companies. The bond market will close at 2 p.m. New York time, following the recommendation of the Securities Industry and Financial Markets Association. CME Group Inc. has not yet commented on its plans.

Tradition of Market Closures Following Presidential Deaths

This closure follows a long-standing tradition of halting financial operations after the death of a president, with the most recent national day of mourning taking place on December 5, 2018, after the death of President George H.W. Bush. The NYSE’s decision to close reflects respect for President Carter’s lifetime of service. The exchange will also fly the U.S. flag at half-staff during the mourning period.

Historical Precedents for Market Closures

Market closures for the death of a president date back to 1865, following the assassination of President Abraham Lincoln. The New York Times reported that the news of Lincoln’s death caused widespread horror, prompting a suspension of business. Since then, markets have closed in honor of 21 U.S. presidents, with Carter being the 39th.

The Dollar Ends Its Strongest Year in Nearly a Decade

Dollar marks decade-high amid U.S. economic resilience, easing concerns about a prolonged Federal Reserve rate-cut cycle…

Significance of Market Closures in American Capitalism

Ed Yardeni, founder of Yardeni Research, commented on the symbolic importance of closing the NYSE during such moments. He stated, “The New York Stock Exchange is, in many ways, the epicenter of American capitalism. Closing the exchange during moments like this underscores that capitalism cannot exist without a democratic government.”

Other Notable Events Prompting Market Closures

The New York Stock Exchange has also closed in response to the deaths of other prominent figures, such as Queen Victoria and Martin Luther King Jr., as well as during events like the Wall Street bombing in 1920 and the September 11 attacks.

Market Closures Amid National Crises

During the Great Depression, markets were closed in 1933 after a series of bank failures, as part of efforts to restore public confidence. President Franklin D. Roosevelt later declared a nationwide bank holiday. Market closures have also marked celebratory events, including George Washington’s inauguration anniversary and the end of wars.

The U.S. stock markets’ closure on January 9 honors Jimmy Carter’s legacy, reflecting respect for his remarkable life and service. This gesture demonstrates the nation’s collective acknowledgment of his impact, according to wsj deals.