According to a report from financial media on December 31 (Editor: Shi Zhengcheng), Nasdaq, NYSE, and Cboe Global Markets (CBOE) issued a closure announcement on Monday, stating that trading will be suspended all day on January 9 next year in memory of former president Carter.

In addition to the closure of the US stock market, based on the recommendations of the Securities Industry and Financial Markets Association, the Bonds market will close early at 2 PM New York time.

As background, Jimmy Carter, the 39th president of the USA, passed away last Sunday at the age of 100. He was also the longest-lived president in American history.

Subsequently, the White House issued a statement from President Biden, directing the White House and facilities of the federal government, US military bases, and overseas territories to fly flags at half-mast for a period of 30 days. This is also the longest duration in the USA's "half-mast" rule, specifically used for the death of current or former presidents. Biden also scheduled a state funeral for Carter on January 9, 2025, and declared January 9 as a national day of mourning in the USA, which is generally observed as a federal holiday.

NYSE President Lynn Martin stated in a statement: "The New York Stock Exchange will pause trading on the national day of mourning to pay tribute to President Carter's lifelong service to the nation."

Although the US stock market is known for its 'disdain for holidays'—only closing for a day and a half even on Christmas—pausing for national mourning of a (former) president has been a tradition for over a century.

According to American media, this tradition began in April 1865 when President Lincoln was assassinated. That year's New York Times reported: "The news of the 16th president's death evoked a sense of terror and pain... business came to a halt, and large crowds filled the streets."

From the perspective of organized market closures, the American market paused for trading during the funeral of President Ulysses S. Grant in 1885, and thereafter in 1901 after William McKinley was assassinated, establishing the tradition of "pausing trading to honor former presidents."

To this day, the American Financial market has paused trading to honor 21 deceased American presidents. The most recent national day of mourning was on December 5, 2018, in honor of the death of President George H.W. Bush.

Aside from that, the American Financial market only stops trading during some very unusual times — for example, the Wall Street bombing in 1920 and the September 11 terrorist attacks in 2001. The NYSE has also closed in mourning for the deaths of figures like Queen Victoria, John Pierpont Morgan (J.P. Morgan), and Martin Luther King Jr. During the Great Depression in 1933, the financial market was temporarily closed by order of the New York State government.

Of course, the US stock market not only closes during severe times; it has also closed in the past to celebrate the 100th anniversary of George Washington's inauguration, victory in World War II, and the successful Apollo moon landing.

Including the market closure on January 9, the US stock market will have three shortened trading weeks over the next three weeks. First, on January 1, all major Global markets will be closed, then there will be another day of closure on Martin Luther King Jr. Day (January 20).

Editor/Somer