It’s Columbus Day, a federal holiday but a trading day for stocks. Expect lighter volume and perhaps continued volatility.
the index fell 0.2% to 4,391.34 points following a weaker-than-expected employment report in September, while the
Dow Jones Industrial Average
was essentially stable at 34,746.25 points. Although US stocks have rebounded in recent weeks, the S&P 500 has lost only 3.2% from its September 2 high. The Dow Jones, meanwhile, is 2.5% off its August 16 close.
President Biden issued two proclamations on Friday, one commemorating Columbus Day and the other proclaiming October 11, 2021, Indigenous Peoples Day.
“We must never forget the centuries-long campaign of violence, displacement, assimilation and terror against indigenous communities and tribal nations across our country,” said the President. “Today, we recognize the significant sacrifices made by Indigenous peoples to this country and recognize their many continuing contributions to our nation.”
Is the Bourse open on Columbus Day 2021?
The New York Stock Exchange and Nasdaq will both open on Monday, October 11 at 9:30 a.m. EDT. The same is true for the US over-the-counter markets. The US bond markets and most banks are closed for the Federal Holiday.
What about international markets?
The Toronto Stock Exchange is also closed Monday for Thanksgiving Day in Canada. Other international markets are open, including the London Stock Exchange, the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the Tokyo Stock Exchange.
How did stocks historically evolve on Columbus Day?
Dating back to 1991, the S&P 500 Index registered an average gain of 0.7% on Columbus Day, compared to the index’s daily average of 0.04%, according to Dow Jones Market Data. The S&P 500 averaged an absolute move, up or down, of 1% on Columbus Days, compared to a daily average of 0.8% in all directions.
That said, US equities registered a drop in volume. Since 2008, the average volume of Columbus Day on the New York Stock Exchange has been 3.46 billion shares traded, compared to 4.12 billion shares per day on average since 2008.
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