NEW YORK — On January 9, U.S. stock markets will be shut down to commemorate the life and legacy of former President Jimmy Carter. This closure aligns with a longstanding tradition on Wall Street that honors the nation’s leaders after their passing.
Recently, both the New York Stock Exchange and Nasdaq announced their decisions to halt trading for equity and options markets on that day, recognizing it as a National Day of Mourning. This gesture comes in the wake of Carter’s death at the age of 100 at his home in Plains, Georgia.
In remembrance of Carter, both the Nasdaq and the NYSE observed a moment of silence this past Monday. Additionally, the NYSE will display the U.S. flag at half-staff during the mourning period for the former president.
Tal Cohen, the president of Nasdaq, expressed that the exchange is closing its markets on January 9 to “celebrate [Carter’s] life and honor his legacy.” Cohen highlighted that Carter was an exemplary leader whose efforts to enhance the human condition continued even after he left public office.
Similarly, Lynn Martin, president of the NYSE Group, acknowledged Carter’s significant humanitarian contributions and emphasized that the exchange intends to recognize his extensive service.
After Carter’s passing on Sunday, President Joe Biden quickly declared January 9 as a National Day of Mourning, a customary procedure that follows the death of a former U.S. president. Wall Street maintains the tradition of closing its doors in respect during these significant moments.
Historical records from the NYSE suggest that the first closure to honor a deceased president occurred on April 15, 1865, after President Abraham Lincoln was assassinated. The exchange remained closed until April 21, and it temporarily halted trading again on April 24 and 25 as Lincoln’s funeral procession passed through New York.
In subsequent years, the NYSE has closed its operations to honor other U.S. presidents during national days of mourning, acknowledging Franklin D. Roosevelt in 1945, John F. Kennedy in 1963, Richard Nixon in 1994, and Ronald Reagan in 2004.
The most recent occasion where both the NYSE and Nasdaq suspended trading due to a presidential death was on December 5, 2018, when they paid tribute to President George H.W. Bush.
Although such closures are infrequent outside of holidays, both exchanges have also paused trading in recognition of other significant figures and national tragedies. For example, the NYSE closed following the assassination of Martin Luther King Jr. in 1968 and both exchanges were shut down in response to the September 11, 2001 terror attacks, remaining closed until September 17 of that year.
