By Sunny Oh
In observance of Veterans Day, next Monday, some U.S. markets will be open and some closed.
The Securities Industry and Financial Markets Association (Sifma) has recommended the bond market’s closure on Nov. 11 in line with the U.S. Treasury Department’s holiday schedule.
However, the New York Stock Exchange and Nasdaq will be open for companies in the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -4.42% , S&P 500 index /zigman2/quotes/210599714/realtime SPX -4.42% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -4.61% . Other markets in currencies and commodities, like those for gold and crude oil, will also be open.
Both equity and bond markets used to be shuttered as far back as 1938, when it was a declared a national holiday under the name Armistice Day to honor veterans of World War I. Today the intent is to honor the service of all former U.S. military personnel.
Later, in 1954, Congress swapped out the term “Armistice” in favor of “Veterans” to recognize the service of veterans from World War II and the Korean War as well.
Veterans Day is different from Memorial Day, a public holiday in May, in that Veterans Day honors all military veterans, while Memorial Day honors those who have died in military service.