U.S. stock markets close to honor former President Jimmy Carter

Wall Street’s opening bells will remain silent on Thursday.

The New York Stock Exchange and the Nasdaq will both close for trading today, as the financial industry joins a national day of mourning for former President Jimmy Carter. The global humanitarian died on Dec. 29, at age 100, and will be eulogized at a state funeral today in Washington.

The rare mid-week trading shutdown continues a Wall Street tradition that goes back to 1865. After President Abraham Lincoln was assassinated, the New York Stock Exchange closed for days.

Since then, the U.S. stock markets have regularly shuttered to mourn deceased presidents. The last such closure was in 2018, after the death of former President George H.W. Bush.

When Carter died, the financial industry “collectively made a decision to honor what he’s done, the service he’s provided as president — and after he’s been president,” says Tal Cohen, president of Nasdaq.

NYSE President Lynn Martin also praised Carter’s “lifetime of service to our nation” in a press release announcing her exchange’s closure for today.

Not all financial markets are taking the day off: Bond markets are staying open until 2 p.m., according to a recommendation from the SIFMA trade association for investment banks and asset managers.

It’s rare for the stock market to close in the middle of the week. And it’s not always planned: Both the NYSE and the Nasdaq closed in reaction to the September 11th terrorist attacks and Hurricane Sandy.

Cohen tells NPR that the Nasdaq had some time to prepare for today, as Carter died almost two weeks ago. His company made its plans with other exchanges, regulators, and other parts of the financial industry.

“It was a large undertaking,” he says. “But we thought it was worth the effort.”