U.S. stock markets will be closed today in observance of a national day of mourning and a state funeral to honor President Jimmy Carter, who died on Sunday, December 29, at the age of 100. The bond market will close early at 2 pm Eastern Standard Time.
The 39th president, Carter served from January 1977 to January 1981. As Ryan Detrick, chief market strategist at Carson Group, notes on X, during his presidential term the S&P 500 gained 27.6%, an annualized return of 6.3%.
His term was defined by high inflation and low economic growth, a set of circumstances that inspired the term stagflation, as well as the Camp David Accords and the Iran hostage crisis.
The longest-living chief executive in U.S. history, Carter's post-presidency is widely held as a standard for behavior once one leaves the White House based on his international peace efforts and his work with Habitat for Humanity.
"The New York Stock Exchange mourns the passing of Jimmy Carter at the age of 100 on Sunday," wrote Patricia Medina, market strategy analyst at the New York Stock Exchange, in a note Monday. "He was the 39th U.S. President and his leadership and humanitarian efforts left a lasting impact on our nation and the world."
"President Carter was an exemplary leader, one who tirelessly continued his efforts to improve the human condition even after his tenure in public office was complete," said Tal Cohen, president of Nasdaq, in a statement. "His contributions will be felt by those around the world for years to come."
The NYSE and Nasdaq typically observe 10 stock market holidays each year, while regular trading hours fall between 9:30 am and 4:00 pm Eastern time on weekdays.
Markets usually close when a former president dies. They were most recently shuttered in December 2018 for the funeral of former President George H. W. Bush.
