The New York Stock Exchange and Nasdaq remain closed today, in honor of the funeral of former U.S. President Gerald R. Ford, who died last Tuesday at his home in Rancho Mirage, Calif. The New York Mercantile Exchange will be open for electronic trading only.
The 38th President will be honored with a state funeral in Washington , D.C. The national day of morning stretches an already-long weekend to four days.
The Depository Trust Clearing Corp. and its subsidiaries will remain open on the National Day of Mourning, in order to clear and settle trades made in the U.S. and overseas.
"While the nation stops to acknowledge this loss," said Jill M. Considine, DTCC chairman, "DTCC has a special responsibility to continue operating to ensure the certainty and continuity of our financial markets." Considine acknowledged the Michigan-native’s contribution to the country, first in the military, then in Congress, and finally as President. Ford was the second-ever president not to be elected, after former Vice President Spiro Agnew in the wake of President Richard Nixon’s August 1974 resignation.
U.S. markets traditionally close during state funerals, to signify respect. Most recently, trading ceased in June 2004 for the burial of former President Ronald Regan. The last time the markets were closed for four consecutive days was the period immediately following the attacks of Sept. 11, 2001.
