[ad_1]
It’s almost an eternal question on Wall Street. With Columbus Day, a federal holiday on Monday, investors are curious about whether the stock market will open.
Here’s the short answer: yes. But it’s not that simple.
The bond market is not. Bond traders are shut down, as recommended by theSecurities Industry and Financial Markets Association, known as Sifma.
Columbus Day and Veterans Day are the two federal holidays on which the fixed income markets are closed due to the federal holiday.
As usual, the Intercontinental Exchange ICE,
owned by the New York Stock Exchange and the Nasdaq Inc. NDAQ,
both will be open at regular times. So the Dow Jones Industrial Average DJIA,
the S&P 500 index SPX,
and the Nasdaq Composite Index COMP,
to note the three major US exchanges can find out whether the weaker-than-expected jobs report released Friday was bullish or bearish in the near term.
Meanwhile, benchmark bonds may take a breather after 10-year Treasury yields TMUBMUSD10Y,
30-Year Treasury Bond TMUBMUSD30Y,
and 2-year Treasury bill TMUBMUSD02Y,
reached their highest return in months (since March 2020 in the case of short-term debt).
Now back to Columbus Day and the curious case of mixed market closures.
This may be why it is closed and stocks are trading.
Columbus Day began in 1792 and was declared a federal holiday in 1937 by President Franklin D. Roosevelt. It marks a state and federal holiday. Federal offices, including the United States Department of the Treasury,are closed. That means Treasurysa is also forced to take some vacation off some of the typical regular day trading activity and an important benchmark.
Columbus Day is not without controversy as a holiday meant to celebrate Christopher Columbus for sailing the blue ocean in 1492. First, not all states celebrate the occasion of the Italian explorers on the same day. Tennessee tends to be theholiday on friday. Some states do not recognize the day at all, while Alaska, Vermont, Hawaii and South Dakota choose not to observe it.
Some regions choose to celebrateDay of Indigenous Peoples, which honors Native Americans and challenges the concept that Columbus was the first to discover America. The holiday is gaining support as an alternative to Columbus Day.
So the next time someone asks if the market is open on Columbus Day, tell them it’s complicated.
|
Sources 2/ https://www.marketwatch.com/story/is-the-stock-market-open-on-columbus-day-yes-but-the-bond-market-isntheres-why-11633721724 The mention sources can contact us to remove/changing this article |
[ad_2]