Financial markets in the U.S. will be closed Monday in observance of Juneteenth National Independence Day, or Juneteenth, a federal holiday honoring the 158th anniversary of the last enslaved Black Americans learning that they were free.
Juneteenth has been around since the end of the civil war but is a relatively new federal holiday, signed into law by President Joe Biden in 2021. It was first observed by U.S. exchanges and financial markets last year.
That means no trading on the New York Stock Exchange or Nasdaq, while CME Group and Cboe will also observe a holiday schedule. Sifma, the securities industry trade group, has recommended that trading in U.S. bond markets remain closed on Monday.
Banks and post offices will be closed Monday and there will be no postal deliveries by the U.S. Postal Service in observance of the federal holiday.
Read more: What is Juneteenth and why is it a holiday?
The three-day market holiday comes as stocks have rallied sharply. The S&P 500
SPX,
which exited its longest bear market since 1948 earlier in June, snapped a six-day winning streak Friday to end slightly lower, pulling back from a nearly 14-month high. The S&P 500 has rallied 5.5% so far in June and has gained nearly 15% so far in 2023.
The Dow Jones Industrial Average
DJIA,
edged down Friday after ending the previous session at its highest since Dec. 2, while the Nasdaq Composite
COMP,
has surged nearly 31% in 2023, with recent gains accelerated by a rally fueled by excitement over artificial-intelligence technology.
See: Big stock market rally to be followed by ‘big collapse,’ says BofA’s Hartnett
Read the full article here
