U.S. Markets Pay Tribute as They Close in Memory of Jimmy Carter

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

The New York Stock Exchange and the Nasdaq will both suspend trading today as the financial sector participates in a national day of mourning for former President Jimmy Carter. The renowned humanitarian died on Dec. 29, at the age of 100, and will be honored during a state funeral today in Washington.

This unusual mid-week trading halt upholds a Wall Street custom that dates back to 1865. Following President Abraham Lincoln’s assassination, the New York Stock Exchange was closed for several days.

Since then, the U.S. stock markets have frequently closed to commemorate deceased presidents. The last similar closure occurred in 2018, marking the passing of former President George H.W. Bush.

Upon Carter’s passing, the financial sector “collectively decided to acknowledge his contributions, the service he offered as president — and after his presidency,” states Tal Cohen, president of Nasdaq.

NYSE President Lynn Martin also commended Carter’s “lifetime of devotion to our country” in a statement announcing her exchange’s closure for today.

Not every financial market is pausing: Bond markets will remain operational until 2 p.m., as noted in a recommendation from the SIFMA trade association for investment banks and asset managers.

It’s uncommon for the stock market to close mid-week. Additionally, these closures aren’t always pre-planned: Both the NYSE and the Nasdaq halted operations in response to the September 11th terrorist attacks and Hurricane Sandy.

Cohen informs NPR that the Nasdaq had sufficient time to prepare for today, as Carter passed away nearly two weeks ago. His team coordinated its plans with other exchanges, regulators, and various sectors of the financial industry.

“It was a significant endeavor,” he remarks. “But we believed it was worth the effort.”