When did MLK Day become a stock market holiday?
Martin Luther King Jr. Day became a federal holiday in 1983, when it was signed into law by then President Ronald Reagan. The three-day weekend marks the second stock market holiday of 2024, as the equities market was closed on Monday, January 1, in observance of New Year's Day.
Martin Luther King Jr. Day is a federal holiday, so the New York Stock Exchange, the Nasdaq Stock Exchange, and the U.S. bond market will all be closed on Monday. Over-the counter markets will also be shut in observance of the holiday. The United States Postal Service locations and U.S. banks will also be closed.
King's birthday was finally approved as a federal holiday in 1983, and all 50 states made it a state government holiday by 2000. Officially, King was born on January 15, 1929 in Atlanta. But the King holiday is marked every year on the third Monday in January.
The S&P 500 fell 17.85 points, or 0.4%, to 4,765.98. The Dow Jones Industrial Average fell 231.86 points, or 0.6%, to 37,361.12. The Nasdaq composite fell 28.41 points, or 0.2%, to 14,944.35. The Russell 2000 index of smaller companies fell 23.66 points, or 1.2%, to 1,927.30.
While all states now observe the holiday, some did not name the day after King. For example, in New Hampshire, the holiday was known as "Civil Rights Day" until 1999, when the State Legislature voted to change the name of the holiday to Martin Luther King Day.
The NYSE is open from Monday through Friday 9:30 a.m. to 4:00 p.m. Eastern time. The NYSE may occasionally close early, either on a planned or unplanned basis. In such cases, The Standard will process transaction requests received prior to the close of the NYSE.
United States stock markets will be closed on Friday, March 29 in observance of Good Friday, the day in which those who follow the Christian faith commemorate the crucifixion and death of Jesus Christ. The Nasdaq and New York Stock Exchange will be closed Friday and reopen Monday, April 1.
However, Martin Luther King Day has been recognized in all 50 states since early 2000.
2000: South Carolina is the last state to approve the day as a paid holiday for employees. By 2000, two decades after MLK Day was passed into law, South Carolina was the last state to approve the day as a fully recognized holiday for all employees.
Nonessential government offices, such as the Department of Motor Vehicles, public libraries and city offices, will be closed. State and federal courthouses will also be closed. Public schools and school districts will be closed, as well.
What was the biggest stock market day?
The Dow posted its all-time high during intraday trading on Feb. 23, 2024, reaching a peak of 39,282.28 points. The highest close occurred the same day when the index closed at 39,131.53 points.
The U.S. stock market's biggest percentage drop came on Oct. 19, 1987, when the Dow Jones Industrial Average plummeted. By comparison, that's nearly 10 percentage points more than it fell on Oct. 28, 1929 at the start of the Great Depression.
January 2009 was the fifth successive negative month for stock markets, with the MSCI World Index falling by 1%. The month began with a short-lived New Year climb in markets but, as the month progressed, further banking system fears and poorer than forecast corporate reports saw the initial gains recede.
When Evan Mecham became governor in 1987, he immediately rescinded the MLK holiday, claiming that the holiday was illegally created. Mecham offered a Civil Rights Day that would be observed on a Sunday. Mecham's action aroused national condemnation.
But as of 2022, only Alabama and Mississippi continue to recognize King-Lee Day together on one state holiday. MLK Day, however, is an official federal holiday and all 50 states recognized it as such for the first time in 2000. This story was reported from Los Angeles.
It was President Ronald Reagan who eventually signed a bill in 1983 that added Martin Luther King Jr. Day to the list of federal holidays, commemorating King's contribution to the civil rights movement. Still, it wasn't officially observed until 1986.
Mondays and Fridays tend to be good days to trade stocks, while the middle of the week is less volatile. Historically, April, October, and November have been the best months to buy stocks, while September has shown the worst performance.
Based on the stock market's historic performance, there's never necessarily a bad time to buy -- as long as you keep a long-term outlook. The market can be volatile in the short term (even in strong economic times), but it has a perfect track record of seeing positive returns over many years.
Index futures do predict the opening market direction most of the time, but even the best soothsayers are sometimes wrong.
However, remember each week should be judged for its merits and potential pitfalls by yourself – regardless of whether it's a Friday or not. While Fridays may in theory be a good day to sell shares, traders and investors ignore the larger context of the market and fundamental analysis at their own peril.
What days is the stock market closed in 2024?
| 2024 | Holiday | Status |
|---|---|---|
| February 19, 2024 | President's Day - U.S. | Closed |
| March 29, 2024 | Good Friday | Closed |
| May 27, 2024 | Memorial Day - U.S. | Closed |
| June 19, 2024 | Juneteenth Holiday (Observed) | Closed |
Best Day of the Week to Sell Stocks
If you're interested in short selling, then Friday may be the best day to take a short position (if stocks are priced higher on Friday), and Monday would be the best day to cover your short.
Throughout its long history, Ebenezer Baptist Church, located in Atlanta, Georgia, has been a spiritual home to many citizens of the "Sweet Auburn" community. Its most famous member, Rev. Martin Luther King, Jr., was baptized as a child in the church.
On this day in 1983, President Ronald Reagan, in a White House Rose Garden ceremony, signed into law a bill creating a national holiday to honor Martin Luther King Jr., the civil rights leader who was assassinated in 1968 while supporting a strike by black sanitation workers in Memphis, Tenn.
King would have turned 95 on Jan. 15, 2024.
