NASDAQ closed on Tuesday Jan 02

Discussion in 'Trading' started by Red_Ink_inc, Dec 29, 2006.

  1. AP
    Nasdaq to Close Tuesday for Ford Funeral
    Thursday December 28, 10:42 pm ET
    By Joe Bel Bruno, AP Business Writer
    Nasdaq to Close Tuesday for Funeral of President Gerald Ford; Announcement Awaited From NYSE

    NEW YORK (AP) -- The Nasdaq Stock Market said Thursday it will close Tuesday as part of a national day of mourning to mark the funeral of President Gerald R. Ford. The New York Stock Exchange was yet to announce whether it will open Tuesday.

    It was expected that the stock exchanges would close out of respect for the 38th president. Financial markets have traditionally closed for presidential funerals, the last time being the burial of President Ronald Reagan in June 2004.

    A NYSE spokesman said late Thursday that "an announcement is forthcoming," though it most likely would be made on Friday.

    Wall Street's closing on the day of a national funeral dates back to the burial of President Ulysses S. Grant in 1885. However, the NYSE has sometimes traded on a shortened schedule during a presidential funeral -- the last time, for Herbert Hoover's funeral in 1964.

    Ford served on the board of the National Association of Securities Dealers, which regulates the Nasdaq, from 1999 to 2000. He also served on a number of corporate boards after he left office, including American Express Corp. and 20th Century Fox.

    "President Ford was a historic American President and a notable businessman, who served on the NASD board during a critical time for The Nasdaq Stock Market," said CEO Bob Greifeld in a statement. "His leadership during his time on the NASD board contributed to what the Nasdaq is today."

    There was some speculation the markets would try to have at least some stock trading on Tuesday because of the four-day closure that will also include the weekend. The last time Wall Street was closed this long was in the aftermath of the Sept. 11, 2001, terror attacks, when it was closed for six days including a weekend.

    The NYSE, Nasdaq and New York Mercantile Exchange all observed moments of silence Wednesday in memory of Ford. Traders at the NYSE and NYMEX stood in silence on the trading floors for two minutes. And, the Nasdaq -- which is an electronic exchange -- asked traders to refrain from making any transactions during that time.

    Ford died at his Rancho Mirage, Calif., home on Tuesday at age 93.