Financial market in the United States, the stocks and bond markets, to close on the third Monday in January to honor U.S. civil-rights leader, Martin Luther King Jr.
Rev. Martin Luther King Jr. was shot as he stood on the balcony of the Lorraine Motel in Memphis, Tenn on April 4, 1968 and has since been celebrated every year in the United States, on the third Monday in January.
The U.S. stock and bond markets will be closed on Monday to observe the Martin Luther King Jr. holiday, putting a pause to the seemingly bullish run of Wall Street in 2019. The holiday came into effect after President Ronald Reagan signed it into law in 1983 and became official in1986, leading to the closure of markets on the day.
The NYSE and other major exchanges remained open, though they observed a minute of silence at noon. However, things changed in 1998, as the NYSE and Nasdaq began to take a full day off to honor the civil rights activist.
The Securities Industry and Financial Markets Association, Sifma, has advised that there be no trading in U.S. dollar-denominated bonds on this day. These include the 10-year Treasury note TMUBMUSD10Y, +0.00% in the U.S., as well as in the U.K. and Japan.
The holiday is coming as the partial government shutdown persists even as markets have been able to shake off any shutdown risks to the economy. However, economists have maintained that a continued government shutdown could significantly impact the economy negatively, which could also lead to the markets reacting to the impact.
Many markets are having their best starts to a year in almost four decades, according to Dow Jones Market Data. This is coming after a withering final stretch in 2018 that left stock indexes bruised by a parade of worries, including a hard-charging pace of interest-rate increases and the trade battle between the US and China.
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