In a heartfelt tribute to the late President Jimmy Carter, US stock markets, including the New York Stock Exchange (NYSE) and Nasdaq, will close on January 9 in observance of his state funeral.
This historic move comes in the wake of President Joe Biden’s declaration of a National Day of Mourning to pay tribute to the 39th president, who died earlier this year at the age of 100. The US flag above the New York Stock Exchange will be flown at half-staff during the mourning period to honor President Carter, according to a statement from the NYSE.
NYSE President Lynn Martin says, “The NYSE will respectfully honor President Carter’s lifetime of service to our nation by closing our markets on the National Day of Mourning.” Likewise, Tal Cohen, Nasdaq President, added, “We mourn the loss of President Carter and will close our US markets on the National Day of Mourning to celebrate his life and pay tribute to his legacy.”
It started with the assassination of Abraham Lincoln in 1865. Recently, markets closed for the funerals of Presidents George H.W. Bush in 2018, Ronald Reagan in 2004, and Gerald Ford in 2006. These closures serve as a symbolic pause, giving the nation a moment to reflect on the contributions of its leaders.
President Carter is a humanitarian with a rich legacy from 1977 to 1981. He is most famous for work done in peacemaking and human rights, and the Nobel Peace Prize he received in 2002 was for the promotion of democracy, conflict resolution, and a fight against poverty around the globe. Beyond his presidency, Carter continued his commitment to public service through organizations such as Habitat for Humanity, where he was personally involved in building homes for families in need well into his later years.
Public events are planned for Atlanta, including a private burial in Plains, Georgia, accompanied by public events in Washington, D.C. Such events allow Americans of all walks of life to take their final goodbyes to the man commonly referred to as “citizen president” for his humility and lifelong dedication to serving others.
In addition to stock market closures, the Securities Industry and Financial Markets Association suggested the U.S. bond market should close at 2:00 p.m. ET on January 9th as a way of showing respect. Other places, like federal offices and schools, would take their respective turns to pay respects nationwide.
In a statement, the Carter family was thankful for all the tributes and respect they have received regarding the late president. “He was a humble servant of the people and a believer in the power of good,” the statement read. “We are heartened by the nation’s collective memory of his contributions to a better world.”
When Wall Street pauses, it doesn’t reflect on Carter as a president alone, but also post-office achievements, and the impact that he has had is one of a level, earthy footprint around and because of diplomacy and service at grassroots community levels. It marks one national moment in a long tradition of leadership that never really left the Oval Office.
This unprecedented day will also remind every one of the values that Carter represented: compassion, service, and a belief in humanity’s ability to overcome its challenges. It is fitting that a man who worked tirelessly to bridge divides and foster hope is being honoured on such a grand scale.
