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In honor of the passing of former President George Bush, the country is observing a national day of mourning. After the United States’ 41st President passed away on Friday night, at the age of 94, the national day of mourning was set for December 5, the day of President Bush’s funeral. To pay respect and in observance of the day, many federal offices will be closing or limiting their service, including the US Post Office, the US Supreme Court, some national parks, and the New York Stock Exchange.
According to CNN Business, New York Stock Exchange spokesperson Kristen Kaus said that “As per our tradition, we will close the markets in observation of the Day of Mourning.” They also observed “a minute of silence to honor President Bush on Monday” at 9:20am ET, and will fly the American flag at half-mast during the mourning period.
According to CNN Business, New York Stock Exchange Group President Stacey Cunningham made a statement on behalf of the NYSE regarding President Bush’s death: “We remember President Bush admiringly as a veteran who fought totalitarianism, a statesman who advocated for freedom, a leader who served his country, and an unabashedly dedicated family man.”
USA Today pointed out that the last national day of mourning was in 2007, after the passing of former President Gerald Ford; George W. Bush declared that day of mourning, and “the federal government was shuttered and financial markets were closed.” President Reagan was honored with one in 2007, as was Nixon in 1994.
In a statement released on the NYSE Twitter account, they revealed that “The New York Stock Exchange, NYSE American, NYSE Arca, and the Chicago Stock Exchange, part of the International Exchange (NYSE:ICE) global network of exchanges, will be closed on Wednesday, December 5.” Cunningham added in that statement “He will be remembered for his decades of service to the nation and the world, and it is appropriate that the New York Stock Exchange closes on Wednesday, the National Day of Mourning, to honor President Bush’s enduring legacy.”
NASDAQ (National Association of Securities Dealers Automated Quotations) will also be “closing all Nasdaq U.S. equities and options markets” to observe the day.
On December 4, Entrepreneur reported that “stock prices fell sharply with the Dow Industrials index falling 799 points and all three major indexes down more than three percent.” This came a day after news broke that there would be a 90-day delay on tariff increases on China by the US.