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U.S. financial markets will stay closed on Monday in observance of Presidents Day.
The New York Stock Exchange and Nasdaq will be closed on Feb. 17. And the Securities Industry and Financial Markets Association, or Sifma, is recommending no trading in dollar-denominated debt next Monday, which includes money markets and U.S. Treasurys.
The holiday will provide a respite for traders who have seen stocks and bond yields continue to diverge. The S&P 500 SPX, +0.18% and Dow Jones Industrial Average DJIA, -0.09% were both less than a percentage point away from their respective record closes on Friday, while the 10-year Treasury note yield TMUBMUSD10Y, -1.89% traded around 1.59% at last check.
Trading in futures and options on CME Group exchanges will also be halted on Monday. That means there will be no settlements for gold futures GC00, +0.45% or crude oil futures CL00, +1.28%.
Presidents Day was established in 1885 as an occasion to honor George Washington, the first President of the United States. But the federal holiday is now viewed as a day to honor all U.S. presidents.
It became popularly known as Presidents Day after the Uniform Monday Holiday Act of 1971, a legislative effort to create more three-day weekends. Presidents Day now falls on the third Monday in February, even though Washington’s birthday is in Feb. 22.
