U.S. stocks have gotten off to a solid start in 2023 thanks to cool inflation data and slower wage growth which investors hope will convince the Federal Reserve to ease up on its economy-shaking hikes to interest rates and press the pause button sooner.
The new year will reward investors with another three-day weekend, with the stock market closed on Monday, Jan. 16, for Martin Luther King Jr. Day. This means after the closing bell rings out on Friday at 4 p.m. Eastern time, the stock market won’t open again until 9:30 a.m. on Tuesday, Jan. 17. Bond traders also get a long weekend, with bond markets shuttered on Monday, too.
In 1983, President Ronald Reagan signed a bill to create a U.S. federal holiday in honor of King, and the first year it was officially observed was in 1986. However, it wasn’t until 2000 that all 50 states recognized MLK Day.