The New York Stock Exchange and Nasdaq will close on January 9 to honor former President Jimmy Carter, who died at 100, as the nation observes a day of mourning for his contributions to service and peace.

The closure of the NYSE and Nasdaq on January 9 comes as President Joe Biden has declared a national day of mourning for Jimmy Carter, the 39th president, whose state funeral will take place at the Washington National Cathedral. This marks a significant moment, as the stock exchange traditionally shuts down to pay respects for former presidents, emphasizing Carter's extensive legacy in humanitarian efforts and global diplomacy.

Carter's passing was confirmed to the public earlier this week, ending a notable chapter in American political history. As the details of his life are remembered, the closure of the stock markets offers an opportunity for reflection on a man who dedicated his post-presidential years to humanitarian efforts. His endeavors included working on global health initiatives, promoting democracy, and fighting for human rights worldwide. Alongside these efforts, he is well-remembered for significant diplomatic accomplishments, particularly for brokering peace between Israel and Egypt during his presidency.

In honoring Carter, President Biden emphasized the importance of recognizing the contributions of life-long public servants. Flags will be flown at half-staff starting Sunday and continuing for the next 30 days in honor of the late president. The actions taken by the executive office reflect a recognition of Carter's commitment to service.

While the New York Stock Exchange and Nasdaq will suspend activities, bond markets will remain operational, although on reduced hours, closing early at 2 p.m. ET. This decision stresses the seriousness of the occasion and the deep respect held for Carter, who remains a significant figure in the hearts of many Americans. NYSE President Lynn Martin stated in a public release that the closure honors Carter's lifetime of service, reinforcing the connection between financial markets and the nation's collective memory.

Tal Cohen, the president of Nasdaq, mirrored these sentiments, noting, 'We close to celebrate his life and honor his legacy.' Such statements emphasize a communal sentiment shared across financial institutions and government offices alike as they pay tribute to a leader whose influence extended well beyond his presidency.

This closure marks a poignant moment in market history, as the last occurrence of such an event for a presidential funeral was in December 2018 for George H.W. Bush. The NYSE has a long-standing tradition of closing for presidential funerals, a practice that dates back to the assassination of Abraham Lincoln in 1865. Therefore, the decision to close on January 9 not only honors Carter’s life but also aligns with historical precedents that highlight the relationship between national mourning and the financial heartbeat of the country.

Carter's health history adds context to the gravity of this occasion. He underwent surgery for cancer in 2015 and had spent the last 19 months of his life in hospice care. His passing has evoked a reflection on his life journey, which included numerous post-presidency humanitarian missions that exemplified his dedication to serving the global community.

In addition to the stock market closures, public observances will take place in both Atlanta and Washington D.C., allowing citizens to gather and commemorate Carter's legacy collectively. While his funeral is designated as a state funeral, the burial ceremony will be held privately, adhering to the family's wishes during this somber time.

As the nation reflects on Carter's legacy, it becomes evident that his contributions to public service, healthcare, and global peace will continue to resonate. His life, characterized by humility and a commitment to bettering the lives of others, serves as a watermark for future generations. The observance of his life and work, along with the closures of America's financial markets, illustrates not just a mourning for a leader lost but a celebration of the values he championed.