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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 10:53 AM
Original message
Talk about caving in re:NYSE

So the NYSE is going to be closed for 4 straight days from Dec 30 to Jan 2. They have announced they will be closed for Ford's funeral. They never close for that amount of time, always open the after Thankgiving so there isn't that long of a closure. This is about as stupid as them closing on holidays that aren't world wide, like the being closed on Thanksgiving day. As much as Ford loved making money in his ex-presidency, I'm sure he would have rather it been open.
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Taverner Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 10:54 AM
Response to Original message
1. I don't think they closed it this long since after 9/11
Edited on Fri Dec-29-06 10:55 AM by Taverner
Makes me wonder what kind of news they were tipped off to...
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 11:09 AM
Response to Reply #1
2. I seem to remember they closed the day Reagan was planted
or at least part of the day. But yes, something is going on and it's not good.

The NYSE was closed from 9/11 until 9/17, 2001.

Four days for a minor dead president is unprecedented. That it is occurring for a man who was basically a place holder until the next election is nothing short of alarming.

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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 11:17 AM
Response to Original message
3. I was thinking about investing
and the fund I've been watching suddenly took a big dump the last couple of weeks - like down from ~$35.00 a share to $32.00 a share. And the market is supposed to be good? :wtf:

I've decided against this move!

:dem: :kick:
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Efilroft Sul Donating Member (827 posts) Send PM | Profile | Ignore Fri Dec-29-06 11:18 AM
Response to Original message
4. Stock market isn't open on Saturday, Sunday, and New Year's Day.
In reality, the only normal business day it's closed is Tuesday the second.

What exactly did the NYSE cave in to? Clue me in.
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 11:36 AM
Response to Reply #4
6. I have no idea who would push them to do it, but someone did

I'd prefer they open on Jan 1 and have always thought it should have a half day on Saturdays.
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Efilroft Sul Donating Member (827 posts) Send PM | Profile | Ignore Fri Dec-29-06 12:54 PM
Response to Reply #6
8. I just don't see suspension of trading as unusual.
The fact that New Year's Day falls on a Monday to create a long weekend accounts for three days the markets won't do business. Ford's death and his funeral plans make the additional Tuesday closing purely coincidental.

In my not-so-humble opinion, the markets had better close or at least limit trading on Tuesday in remembrance of Ford. He was President, and even though he represented our opposition, he was a far cry from the devils that we know today.
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 01:13 PM
Response to Reply #8
9. oh, I know, they close for all kinds of things they shouldn't n/t
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MazeRat7 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 11:25 AM
Response to Original message
5. Historically the markets close for presidential funerals...
But not all markets are closed all day. The bond markets will be open but close early @ 2pm and I believe I heard the NASDAQ would be up for electronic trading... (I need to verify the NASDAQ news).

So yes, we have a long weekend but the markets are only going to be closed partially 1 day for the funeral.

MZr7
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Nite Owl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 12:19 PM
Response to Reply #5
7. Found this
http://bloomberg.com/apps/news?pid=20601087&sid=a9QSjrg...


Dec. 29 (Bloomberg) -- U.S. financial markets will observe a national day of mourning Jan. 2 for former President Gerald R. Ford, with the New York Stock Exchange joining the Nasdaq Stock Market in saying it will close.

Bond markets will shut early that day to honor the country's 38th president, based on recommendations from the financial markets industry association. The Chicago Board Options Exchange and New York Mercantile Exchange plan to close, while the Chicago Mercantile Exchange will suspend commodity and equity trading all day and end currency and interest rate trades at noon Chicago time.

The Jan. 2 closure by the NYSE, the biggest equity market, and the Nasdaq, the second largest U.S. exchange, would mean a four-day suspension of trading, including the weekend and New Year's Day. That would be the longest stretch since the six-day halt following the Sept. 11 terrorist attacks in 2001.

``Four days is an unusually long period,'' said Ken Tower, chief market strategist at CyberTrader Inc. ``There will be some short-term revenue loss from day trading and very short-term trading activity that won't take place on Tuesday.''





On Bloomberg news they said some commodity markets would be open until noon.

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