Thanksgiving is the holiday that’s all about gratitude, and this year, a simple day off might be a great place to start. Several major banks and the stock market are closed, Thursday, November 25, 2021.
Here’s what you need to know:
Major Banks Will Be Closed on Thanksgiving Day 2021 & Open on Black Friday
My Bank Tracker reported that major banks will be closed on Thanksgiving Day in 2021, but most will reopen on Black Friday, the day after Thanksgiving. The major banks will not be open to observe the federal holiday.
The outlet reported the following banks will be closed:
– Bank of America
– Wells Fargo
– U.S. Bank
– Capital One
– PNC Bank
– TD Bank
– SunTrust Bank
– Fifth Third Bank
– Regions Bank
– Union Bank
– BMO Harris Bank
– M&T Bank
– Citizens Bank
– BBVA Compass Bank
– Santander Bank
The outlet noted that the closed locations include those that are in stores and supermarkets, even if they store is open. Most smaller, local banks will also be closed, the outlet said, and TD Bank, which is open on most federal holidays, will also be closed.
Stock Markets Will Be Closed on Thanksgiving Day & Will Close Early on Black Friday
Market Watch reported that financial markets will be closed on Thanksgiving Day and reopen the day after Thanksgiving, however, stock markets will close two to three hours early on Black Friday. The Intercontinental Exchange Inc.-owned New York Stock Exchange and the Nasdaq will close at 1 p.m. Eastern time on Black Friday, the outlet reported. Securities Industry and Financial Markets Association suggested closing at 2 p.m. Eastern time for Treasury markets. Normal hours were scheduled for Wednesday, November 24, 2021, the day before Thanksgiving.
“The major U.S. exchange operators — the NYSE, American Stock Exchange and Nasdaq — initially called for a 2 p.m. Eastern close for the Friday after Thanksgiving in 1992, two hours earlier than the normal 4 p.m. closing bell. But the following year, exchanges opted to shutter markets three hours earlier, at 1 p.m.,” Market Watch reported.
CNBC reported that stocks “may be entering an optimal period” over the Thanksgiving holiday week.
“The last five trading days of November are traditionally positive, since 1950,” said Sam Stovall, chief investment strategist at CFRA, told CNBC. “There’s a two-thirds likelihood the market is up on the day before Thanksgiving and a 57% likelihood the day after Thanksgiving, and a 71% likelihood that it’s up on Monday.”
The economy is gaining momentum, according to CNBC, which reported “fourth-quarter gross domestic product could be in the double digits after the disappointing 2% pace of the third quarter.”
“It really confirms the view that despite supply side constraints, the recovery is on track after the Covid-related slowdown in Q3,” Jeff Schulze, investment strategist with ClearBridge Investments, told CNBC. “I think the markets are going to price in better earnings as we move into fourth-quarter earnings and 2022.”
CNBC also noted the S&P 500 was “slightly higher” in the week leading up to Thanksgiving.