On January 9, the United States will observe a national day of mourning for former President Jimmy Carter. As a result, major U.S. financial markets will close for the day to express deep condolences for the 39th President of the United States. The New York Stock Exchange, the NASDAQ stock market, and the Chicago Board Options Exchange will suspend trading. Additionally, the Securities Industry and Financial Markets Association (SIFMA) has recommended that the U.S. bond market close early at 2 p.m. The Chicago Mercantile Exchange (CME) has not yet commented on trading arrangements for that day.
This tradition dates back to 1865 when the assassination of President Abraham Lincoln led to the historic suspension of trading in U.S. financial markets. Since then, U.S. financial institutions have closed markets for 21 deceased presidents as a mark of respect. President Carter, the longest-living president in U.S. history, passed away at the age of 100 on December 29, 2023.
The last similar day of mourning occurred on December 5, 2018, when a state funeral was held for the late former President George H. W. Bush, with major U.S. financial markets also pausing trading for a day.
The closure of the New York Stock Exchange, a symbol of American capitalism, during this historic moment not only demonstrates respect for the passing of a president but also serves as a tribute to democratic institutions. Market analysts believe that this solemn ceremony conveys the profound idea that capitalism cannot be separated from democracy. A full day market closure, rather than a moment of silence, better reflects the solemnity and sincerity of the mourning.
President Carter served as the 39th president of the United States, and his political legacy and contributions to democracy hold a significant place in U.S. history. This national day of mourning arrangement once again highlights the American society's high recognition of leaders' contributions. As the day of mourning approaches, the suspension of the financial markets will provide an opportunity for the nation to remember this president, while continuing a tradition that is over a century old.
