The New York Stock Exchange is set to close on Wednesday in honor of George H.W. Bush, who passed away this week.
As The Hill reported, the NYSE announced that it will observe a minute of silence on Monday to honor the life of the late president and then will close on Wednesday as part of a National Day of Mourning issued by President Donald Trump.
“The President will designate Wednesday, December 5th as a National Day Of Mourning. He and the First Lady will attend the funeral at the National Cathedral in Washington, D.C.,” White House press secretary Sarah Huckabee Sanders said in a statement (via Bloomberg).
As The Hill‘s report noted, it is common for U.S. financial markets to close for a day when observing the death of a president. This last occurred in 2007 with the passing of Gerald Ford.
In the United States, a National Day of Mourning usually coincides with the funeral of a president and is considered a federal holiday. There were National Days of Mourning in 2004 for Ronald Reagan, 1994 for Richard Nixon, and 1972 for Harry S. Truman.
Because it is a federal holiday, federal institutions will be closed, and many other institutions, including post offices and banks, can be closed as well.
A Washington Post report from the 2007 National Day of Mourning — following Gerald Ford’s death — showed that across Washington, D.C., a number of institutions did close. While most banks remained open, schools in the district closed for the day as well as libraries, courts, and most other government offices.
There were a number of closings in Maryland and Virginia as well, though most schools, banks, and other offices remained open.
NYSE to close Wednesday to honor George H.W. Bush https://t.co/5ROTFUNVbf— Bloomberg (@business) December 1, 2018
It is not yet clear what institutions would be closed to honor the funeral of George H.W. Bush around the Washington, D.C., area. There had not yet been set plans for Bush’s funeral, as Trump’s administration announced that plans for a state funeral are still being made. Though Trump in the past has had a strained relationship with the Bush family, even skipping out on Barbara Bush’s funeral earlier this year, he has announced plans to attend the funeral when it is held at the National Cathedral later in the week.
As Bloomberg noted, it was not yet clear if the Securities Industry and Financial Markets Association and CME Group Inc. would close the bond and futures and options markets to honor the death of George H.W. Bush.