Wall Street doesn't just stop for anyone. It takes something massive to grind the gears of the New York Stock Exchange to a halt. On January 9, 2025, that "something" was the passing of Jimmy Carter.
He lived to be 100. Honestly, that's a wild number for a former leader of the free world. When the 39th President died on December 29, 2024, it triggered a series of protocols that most younger traders have never actually seen in real-time.
You've probably heard people talk about the "Jimmy Carter market close" as some kind of technical glitch or a weird historical fluke. It wasn't. It was a formal National Day of Mourning.
The Logistics of a National Day of Mourning
When a President passes, the sitting President—in this case, Joe Biden—usually issues a proclamation. Biden designated January 9 as the official day to honor Carter.
Because of this, the Jimmy Carter market close became a reality for the NYSE, Nasdaq, and Cboe. They didn't just close early; they stayed shut for the whole day.
If you were trying to buy Nvidia or trade some options that Thursday, you were basically out of luck. The equity and options markets were fully offline.
The bond market is always a bit of a rebel, though. It didn't fully close. Instead, groups like SIFMA recommended a 2:00 PM ET early close for bonds.
🔗 Read more: Stock Market Today Hours: Why Timing Your Trade Is Harder Than You Think
- NYSE/Nasdaq: Fully closed all day.
- Bond Markets: Shortened schedule (2 PM close).
- International Forex: Business as usual.
- CME Group: Mostly closed, but some futures stayed open with weird hours.
This Isn't the First Time
We haven't seen this since 2018. That was for George H.W. Bush.
Before that, it was Gerald Ford in 2007. The tradition actually goes way back to 1865 after Abraham Lincoln was assassinated.
Wall Street treats these closures as a sign of respect, but let’s be real: it’s also a giant logistical headache for clearinghouses. When the Jimmy Carter market close happened, it meant that settlement dates for trades made on January 8 got pushed back.
Basically, the "T+1" or "T+2" clock just skips the holiday.
What Actually Happened During Carter’s Own Presidency?
To understand why the market honors him now, you kinda have to look at how the market treated him while he was actually in the Oval Office.
It wasn't exactly a party.
💡 You might also like: Kimberly Clark Stock Dividend: What Most People Get Wrong
The late 70s were defined by "stagflation." That's the nasty combo of high inflation and stagnant economic growth.
On January 20, 1977, when Carter took the oath, the S&P 500 closed at 102.97. By the time he left in 1981, it had climbed to around 131.
That sounds okay until you realize inflation was running at 12% or 13% some years. If you adjust for that, investors were actually losing purchasing power.
The Volcker Pivot
The most famous "market" move Carter made was appointing Paul Volcker as Fed Chair in 1979.
Volcker was a hawk. He Jacked up interest rates to nearly 20% to kill inflation. It worked, but it also sent the economy into a tailspin right as Carter was running for re-election.
Many historians argue that Carter basically sacrificed his second term to save the long-term health of the U.S. dollar.
📖 Related: Online Associate's Degree in Business: What Most People Get Wrong
Why the Jimmy Carter Market Close Matters Today
Some people get annoyed when the markets close. "Time is money," right?
But these moments of silence are rare. They force the financial world to acknowledge that there is more to the country than just the ticker tape.
When the markets reopened on January 10, 2025, things went back to normal pretty fast. There wasn't a "Carter Crash" or a "Mourning Rally."
It was just a pause.
How to handle the next unscheduled close
If you're a trader, you need a plan for when these things happen.
- Check your expirations. If you have options expiring on a day that suddenly becomes a National Day of Mourning, the expiration usually moves to the previous business day.
- Watch the futures. Often, S&P 500 futures will keep trading even if the "cash" market (the actual NYSE) is closed. This can lead to big "gaps" when the market finally opens.
- Liquidity warnings. The days surrounding a presidential funeral often have lower volume. People are distracted. Spreads can get wider.
The Jimmy Carter market close was a final tribute to a man who lived through the Great Depression, served in the Navy, and spent 40 years building houses for people.
Whether you liked his economic policies in 1979 or not, the 2025 market closure was a historic "stop" for a 100-year legacy.
If you're looking to prep for future market holidays or unscheduled closures, your best bet is to keep a close eye on the NYSE's formal holiday calendar and the SIFMA recommendations for fixed-income markets. These are the "bibles" that tell you when the lights will be on or off at 11 Wall Street.