Is the stock market open today? A quick guide to market, bank hours and closures for Jimmy Carter’s funeral on January 9

U.S. financial markets will experience an unusual trading halt on Thursday to honor the former president jimmy carterThis is only the fourth time in modern market history that such a closing commemorative event has been held for a president.

what happened: Following recommendations from the Securities Industry and Financial Markets Association, the New York Stock Exchange and Nasdaq will suspend all trading operations, while the bond market will close at 2 p.m. ET.

Here are the presidents Joe BidenThe executive order declares January 9 as a day of national mourning for Carter, who died on December 29 at the age of 100.

While U.S. financial markets and post offices will be closed, most banks will maintain normal operations because the day is not designated a federal holiday.

The market closure sparked debate in the financial community. especially, pershing square CEO Bill Ackerman He questioned this approach and argued on social media platform X that “closing the market means closing business.” However, the president of the New York Stock Exchange Group Lynn Martin defended the decision by emphasizing Carter’s legacy of public service.

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why it’s important: Carter’s presidency (1977-1981) faced significant economic challenges, including an inflation peak of 13.5%. his appointment Paul Volcker The Fed chairman proved to be key in setting the monetary policies that later curbed inflation, although those measures led to his defeat for re-election.

For modern investors, Carter’s economic legacy includes a successful $1.5 billion government-backed bailout Chrysler Corporation In 1980, this set a precedent for major corporate intervention. The automaker is now Strantis Corporationultimately repaying $12.5 billion in government loans.

The market was temporarily closed after a similar commemoration of the former president George H.W. Bush 2018 and Gerald R. Ford 2007.

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