NYSE, Nasdaq to close for Ford funeral

The New York Stock Exchange and the Nasdaq Stock Market will remain closed on Jan. 2, the day of the funeral for former U.S. president Gerald Ford.

The New York Stock Exchange said Friday it will close on Tuesday as part of a national day of mourning to mark the funeral of former U.S. president Gerald R. Ford.

The NYSE joined the Nasdaq Stock Market, which made a similar announcement on Thursday.

It had been expected that the stock exchanges would close out of respect for the 38th president. Financial markets have traditionally closed for presidential funerals, the last time being for the burial of Ronald Reagan in June 2004.

Other U.S. financial markets were also expected to close for at least part of the day Tuesday.

Wall Street's closing on the day of a national funeral dates back to the burial of former president Ulysses S. Grant in 1885. However, the NYSE has sometimes traded on a shortened schedule during a presidential funeral — the last time, for Herbert Hoover's funeral in 1964.

There was some speculation the markets would try to have at least some stock trading on Tuesday because of the four-day closure that will also include the weekend. The last time Wall Street was closed this long was in the days following the Sept. 11, 2001, terror attacks, when it was closed for six days including a weekend.