Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 11:24:36 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Why Close the Markets Today?

Posted Mar 21, 08 3:10 PM CDT in Business 

(Newser) – The Big Board is closed today—but the reason is open to some debate, Bloomberg reports. The last time the markets opened on Good Friday was 101 years ago, when they saw one of two huge crashes that made up the Panic of 1907. Fear of repeating that catastrophe may be what keeps traders home, but it may also be the lasting influence of Irish Catholic execs.

“It's closed on Good Friday because of the panic of aught-seven,” one second-generation trader recalls his father saying. Others reason that's hogwash: "The financial institutions close on holidays, frankly, out of the belief that there is insufficient demand, insufficient trading activity and insufficient business,'' said one academic. Still, today's break is the only one that's not also a federal holiday.

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Housing, Labor Pummel Stocks

    Jul 24, 08 3:29 PM CDT
    Housing, Labor Pummel Stocks Stocks saw big losses today as bad news on housing and employment soured investors’ hopes of a looming economic turnaround, the Wall Street Journal reports. The Dow fell 283.10—a 2.43% drop—to close at 11,349.28; the Nasdaq shed 45.77, to 2,280.11; and the S&P 500 lost 29.65, closing at 1,252.54. More »

  • Mixed News Keeps Gains Slim

    Jul 23, 08 3:15 PM CDT
    Mixed News Keeps Gains Slim The markets pared earlier gains to end just slightly positive today, amid mixed earnings reports and a gloomy-but-expected Federal Reserve data on the US economy, the Wall Street Journal reports. The Dow gained 29.88, closing at 11,632.38. The Nasdaq gained 21.92, settling at 2,325.88, while the S&P 500 fell 5.19 to 1,282.19. More »

  • Stocks Rise as Oil Drops

    Jul 22, 08 3:22 PM CDT
    Stocks Rise as Oil Drops Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the S&P 500 climbed 17.01 points to 1,277.01. More »

  • Pharma, Tech Kill Early Gains

    Jul 21, 08 3:40 PM CDT
    Pharma, Tech Kill Early Gains The markets failed to hold on to early-session gains today as oil rose above $131 per barrel and the overall economic outlook remained downcast, MarketWatch reports. The Dow lost 29.23 points to close at 11,467.34, the Nasdaq fell 3.25 to 2,279.53, and the S&P 500 dropped just 0.68, settling at 1,260.00. More »

  • Mixed Note Caps Big Week

    Jul 18, 08 3:23 PM CDT
    Mixed Note Caps Big Week The markets were mixed today as poor results across the tech sector and from Merrill Lynch put the brakes on a two-day rally, MarketWatch reports. Good news from Citigroup kept the Dow buoyant, and it closed up 49.91, at 11,496.57. The tech-heavy Nasdaq took a 29.52-point dive, settling at 2,282.78, while the S&P 500 gained 0.36 to1,260.68. More »

Pedestrians pass by the New York Stock Exchange March 11, 2008 in New York City.   ((Mario Tama/Getty Images))
A Wall Street sign is seen outside the New York Stock Exchange March 11, 2008 in New York City.   ((Mario Tama/Getty Images))
A trader stands outside the New York Stock Exchange February 29, 2008 in New York City.   ((Mario Tama/Getty Images))
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 2)

Tags

S&P 500  • Nasdaq  • Dow Jones Industrial Average  • New York Stock Exchange  • financial markets  • superstition  • Good Friday


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »