Investors get a break from the market Monday, Feb. 20, with U.S. markets closed for the Presidents Day holiday.
The New York Stock Exchange, owned by Intercontinental Exchange Inc. and the Nasdaq will both be closed. Sifma, the financial industry trade group, has recommended that trading in U.S. fixed-income markets also close on Monday.
Presidents Day is a federal holiday, so don’t spend it waiting by the mailbox or planning an in-person meeting with your favorite banker.
It will give investors a three-day weekend to digest a recent run of economic data that’s led traders to largely move market expectations for interest rate rises back in line with the Federal Reserve’s projections. While Treasury yields have risen to or near their highs for the year so far, stocks have retreated but are still holding on to gains for 2023, recovering from last year’s slump.
The Dow Jones Industrial Average remains up 1.7% for the year to date, while the S&P 500 has risen 6.5% and the Nasdaq Composite has jumped over 13%. That’s a mirror image of last year’s carnage, which saw the Dow outperform while the Nasdaq slumped by more than 30% as the Fed aggressively hiked interest rates.