In observance of a national day of mourning for former President Jimmy Carter, US stock markets will close on January 9, 2024. This closure continues a long-standing tradition of halting financial operations to honor the passing of American presidents.
The New York Stock Exchange (NYSE), Nasdaq Inc.’s US equities exchanges, and Cboe Global Markets Inc. will observe the day by suspending trading. Meanwhile, CME Group Inc., which operates US-based equity and interest rate markets, has yet to announce its plans. Additionally, the bond market will close early at 2 p.m. EST, following the Securities Industry and Financial Markets Association’s recommendation.
A Tradition of Respect and Remembrance
The NYSE, a symbol of American capitalism, expressed its respect through a statement by its president, Lynn Martin. “The NYSE will respectfully honor President Carter’s lifetime of service to our nation by closing our markets on the National Day of Mourning,” Martin said. The exchange will also fly the US flag at half-staff during the mourning period.
This tradition dates back to the assassination of President Abraham Lincoln in 1865, marking a profound moment in history when financial markets ceased operations in response to national grief. Since then, markets have paused trading for the passing of 21 presidents, with Carter being the 39th.
A Legacy Worth Honoring
Jimmy Carter, who passed away on December 29, 2023, at the age of 100, holds the distinction of being the longest-living US president in history. The most recent national day of mourning before this was observed on December 5, 2018, for the funeral of President George H.W. Bush.
Prominent financial analyst Ed Yardeni remarked, “The NYSE’s closure on such occasions underscores the importance of democracy in supporting capitalism. It’s a bigger statement than just a moment of silence.”
Other Historical Closures
Beyond presidential deaths, the NYSE has halted trading for other momentous events, including the deaths of Queen Victoria and Martin Luther King Jr., as well as during national emergencies like the September 11 attacks. Celebratory occasions, such as the 100th anniversary of George Washington’s inauguration, have also led to closures, reflecting the exchange’s role in marking pivotal moments in American history.
The Intersection of Democracy and Markets
The tradition of halting financial markets during significant national events highlights the profound connection between democratic governance and economic systems. By pausing operations, these institutions reflect the nation’s collective sentiment and its respect for historical events.
