Major U.S. stock markets are set to close Jan. 9 to honor the life and legacy of former President Jimmy Carter, who died at the age of 100 Sunday.
What Happened: The New York Stock Exchange, which is owned by the Intercontinental Exchange
Carter served as the 39th president of the United States from 1977 to 1981 and was the oldest living president until his death Sunday.
"Jimmy Carter, with humble roots as a farmer and family man, devoted his life to public service and defending our freedom," NYSE Group President Lynn Martin said.
Martin said the NYSE will honor Carter's "lifetime of service" to the nation with the market closing on the National Day of Mourning and to coincide with his state funeral on Jan. 9 in Washington, D.C.
The U.S. flag above the NYSE will fly at half-staff throughout the mourning period.
The Nasdaq
"We mourn the loss of President Carter and will be closing our U.S. markets during the National Day of Mourning to celebrate his life and honor his legacy," Nasdaq President Tal Cohen said.
Why It's Important: The announcements from the NYSE and Nasdaq follow an American tradition of closing the stock markets after presidents die.
Major stock markets previously closed on Dec. 5, 2018 to coincide with the National Day of Mourning for former President George H.W. Bush. The markets were also closed on Jan. 2, 2007 to honor the life of former President Gerald R. Ford.
The major stock markets close to honor the lives of former presidents and have also closed due to natural disasters and national emergencies in the past.
Markets closed on April 9, 1968 for the National Day of Mourning for Martin Luther King Jr., the only non-president to receive the stock market honor. Markets are now closed every MLK Day, which is celebrated on the third Monday of January.
With the Jan. 9 closure, the stock markets will be closed three days in January: New Year's Day (Jan. 1), the National Day of Mourning (Jan. 9) and MLK Day (Jan. 20).
