On January 9, 2025, the US financial markets will observe a rare closure as a mark of respect for former US President Jimmy Carter, who passed away on December 29, 2024, at the age of 100. The National Day of Mourning, directed by President Joe Biden, will see the Nasdaq and the New York Stock Exchange (NYSE) halting trading activities, in accordance with a long-standing American tradition.
The NYSE Group President Lynn Martin emphasized, “Jimmy Carter’s lifetime of service to our nation will be respectfully honored by closing our markets on this solemn day.” This decision reflects Carter’s legacy of humanitarianism, public service, and his significant impact as the 39th President of the United States.
What Will Be Affected?
- Nasdaq and NYSE Closures: Trading for US equities and options will be suspended for the day.
- Bond Market Adjustments: The Securities Industry and Financial Markets Association (SIFMA) recommended an early closure for bond markets at 2:00 p.m. ET.
- CME Group: Futures and interest rate markets will follow a modified schedule, closing early on January 9 at 1:15 p.m. ET. Futures trading will resume that evening at 6:00 p.m.
The closures underscore the significance of Carter’s contributions, both as a president and humanitarian.
Carter’s Legacy: A Life of Service
Jimmy Carter, born in Plains, Georgia, served as the 39th President from 1977 to 1981. Known for his humility and dedication to peace, his presidency marked milestones such as:
- Camp David Accords (1978): A groundbreaking peace treaty between Israel and Egypt.
- Nobel Peace Prize (2002): Recognized for his humanitarian efforts post-presidency.
- Carter Center: Founded in 1982, advocating for democracy, global health, and human rights.
Even after his presidency, Carter’s unwavering commitment to public service left an indelible mark on the nation and the world.
Rare Occasions for Market Closures
It’s uncommon for Wall Street to halt trading outside designated holidays. However, the death of a sitting or former president has historically prompted closures. The tradition began after President Abraham Lincoln’s assassination in 1865. Notable instances include:
- 2018: To honor President George H. W. Bush.
- 1968: Following the assassination of Martin Luther King Jr.
- Other Events: Natural disasters, emergencies, and significant figures like Queen Victoria.
The closure on January 9 marks the 22nd time US markets have shut down for a presidential mourning.
Funeral and National Mourning
Carter’s state funeral will take place at the Washington National Cathedral on January 9, with flags flown at half-staff nationwide. President Biden has urged Americans to honor Carter’s memory in their communities, emphasizing his legacy of democracy and peace.
Carter’s decision to enter hospice care in early 2023 reflected his acceptance of life’s natural course, showcasing the same humility he carried throughout his life.
Disclaimer: This article is for informational purposes only and reflects events as of December 30, 2024. Trading schedules and details may be subject to change.
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