Good Friday an NYSE Holiday, But Why?
Good advice for Good Friday.
Yes, it’s true, the New York Stock Exchange is closed on Good Friday. For that matter, so were the stock markets in Sydney, Hong Kong, etc.
However, Good Friday is not a bank holiday, a U.S. Postal Service holiday or a federal holiday. You can still get payday loans and mail on Good Friday. So why isn’t the stock market open?
One question, so many answers
As is the case with many of the lesser-known holidays, such as St. Patrick’s Day and Valentine’s Day, the origins of this tradition have some pretty varied explanations.
The following theories do not represent the opinions of Personal Money Store or this writer. They are to be used only for entertainment purposes.
Because of the Irish Catholics
The writer of financial blog “It’s Just Money” asked “Why is the stock market closed for Good Friday?” Here’s a response from “Brian”:
The market is closed on Good Friday because of the large contingent of Irish Catholic stock brokers that were spooked by a sell off in the market the last time it was open on Good Friday. The “panic of 1907″ led to the markets closure on Good Friday ever since.
However, if you ask the same question on WikiAnswers, it says it has been closed for Good Friday since its inception, long before the Panic of 1907.
Just getting started
My friends, this is just the tip of the iceberg when it comes to explanations for why the stock market is closed on Good Friday. For more theories, check out Part 2.
Well, it’s technically a private enterprise, so they have the right to do it. I suppose it’s a better holiday to take off than Arbor Day or something along those lines.