It’s a constant question on Wall Street. With Columbus Day a federal holiday on Monday, investors are curious if the stock market will open.
Here’s the short answer: Yes. But it is not that simple.
The bond market is not. Bond dealers outside as recommended by Securities Industry and Financial Markets Association, known as Sifma.
Columbus Day and Veterans Day are the federal holiday when the fixed income markets are closed for a federal holiday.
As usual, the Intercontinental Exchange
Owned by the New York Stock Exchange and Nasdaq Inc.
The Nasdaq Composite Index
To refer to the three major US stock exchanges, it can be seen whether Weaker than expected jobs report Friday’s release was bullish or bearish in the near term.
Two-year treasury bonds
It touched its highest returns in months (since March 2020 in the case of debt with a shorter date).
Now back to Columbus Day and the strange case of the mixed market closing.
Perhaps this is the reason for their closure and stock trading.
Started in 1792 and declared a federal holiday in 1937 by President Franklin D. Roosevelt, Columbus Day falls both as a state and federal holiday. Federal offices, including the US Treasury, closed. This means that Treasurys – a large part of normal trading activity on normal days and the main standard – are also forced to take a holiday.
Columbus Day is not without controversy as a holiday meant to celebrate Christopher Columbus sailing the blue ocean in 1492. First, not all countries celebrate the Italian explorer’s occasion on the same day. Tennessee tends to celebrate Friday. Some states do not recognize the day at all, with Alaska, Vermont, Hawaii and South Dakota choosing not to celebrate it.
Choose some areas to celebrate Indigenous Peoples Day, which honors Native Americans and challenges the concept that Columbus was the first to discover America. The holiday gained support, as an alternative to Columbus Day.
So, the next time someone asks if the market is open on Columbus Day, you can tell them it’s complicated.