U.S. markets to close for Reagan funeral

U.S. stock markets will close this Friday to mark the death of former President Ronald Reagan, the New York Stock Exchange and Nasdaq Stock Market confirmed Monday.

The American Stock Exchange will also be closed. Wall Street sources had earlier told Reuters that the NYSE and Nasdaq, the two primary U.S. stock markets, would close.

It will be closing in memory of a former president for the first time since the death of Richard Nixon in April 1994.

Over the past 30 years, there have been nine unexpected market closes, according to the Securities Industry Association.

“President Reagan was a great champion of free people and free markets,” said NYSE Chief Executive John Thain in a prepared statement. “It is appropriate that the nation’s markets on Friday will honor President Reagan’s contributions to freedom and democracy.”

Nasdaq, in a statement, said: “Out of respect and honor for President Ronald Reagan and in accordance with our country’s national day of mourning the Nasdaq Stock Market Inc. will be closed on Friday, June 11, 2004.”

Over the weekend, President George W. Bush designated Friday, the day of Reagan’s funeral, as a day of mourning and ordered government offices closed for the day.

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The U.S. Securities and Exchange Commission will not accept regulatory filings on Friday as its EDGAR document filing service will be closed. Any filing that had been due by June 11 will now be due by Monday, June 14.

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First sitting president to visit NYSE
On March 28, 1985, Reagan became the first U.S. president to visit the NYSE while in office. He also visited the exchange on May 13, 1992 with former Soviet President Mikhail Gorbachev as part of the NYSE’s bicentennial commemoration.

On April 27, 1994, the exchange closed for Nixon’s funeral. Similarly, the NYSE closed on Dec. 28, 1972 for the funeral of former President Harry Truman and less than a month later on Jan. 25, 1973 for the funeral of former President Lyndon Johnson. The exchange was closed on March 31, 1969 for the funeral of former President Dwight D. Eisenhower.

In addition, the NYSE closed early on the afternoon of March 30, 1981, when there was an assassination attempt on Reagan’s life.

Reagan died at his Los Angeles home Saturday at the age of 93 after a 10-year battle with Alzheimer’s disease. A state funeral for the former president will be held at the National Cathedral in Washington, Friday morning.