Wall Street will observe a rare moment of silence as trading halts on Thursday.
Both the New York Stock Exchange and the Nasdaq will suspend trading today in observance of a national day of mourning for former President Jimmy Carter. The humanitarian icon passed away on December 29, 2024, at age 100, and will be honored during a state funeral in Washington today.
This mid-week closure is a continuation of a Wall Street tradition dating back to 1865, following the assassination of President Abraham Lincoln, which led to days of market closure.
Since then, U.S. stock markets have routinely closed to honor deceased presidents, with the most recent closure occurring in 2018 after the passing of former President George H.W. Bush.
In light of Carter’s death, the financial community “collectively decided to recognize his contributions, both during and after his presidency,” stated a leading figure in the industry.
NYSE leadership also commemorated Carter’s “lifetime of dedicated service to our nation,” justifying the decision for today’s market closure.
However, bond markets will remain operational until 2 p.m., following a recommendation from the SIFMA trade association.
Mid-week stock market closures are uncommon and typically occur under extraordinary circumstances, such as the September 11th terrorist attacks and Hurricane Sandy.
Plans for today’s closure were established in advance, given that Carter’s passing occurred almost two weeks ago. The decision involved collaboration among various exchanges and regulatory bodies within the financial sector.
“Organizing this was a significant effort,” remarked an industry leader. “Yet, we believed it was a necessary tribute.”
