U.S. exchanges will be closed in observance of Good Friday and those in Europe will also be closed for Easter Monday. However, it will mark an interesting trading day on Friday with markets digesting labor-market data for March that could help to provide further evidence that the American economy is clawing back from the worst pandemic in over a century.
The Securities Industry and Financial Markets Association, a brokerage-industry trade group that recommends actions for the bond market, like trading in the 10-year Treasury note TMUBMUSD10Y, 1.679%, advises that bond dealers settle trades on Monday that take place over the next 48 hours, an unusual situation but one that accounts for the rare release of major data during a stock-market holiday. (Last year, the bond market closed an hour early, at 2 p.m. Eastern time on Thursday, and remained closed on Good Friday.)
Meanwhile, the New York Stock Exchange, owned by the Intercontinental Exchange, and the Nasdaq will be closed Friday.
Good Friday is a quirky holiday for financial markets in the U.S. because Good Friday isn’t a federal holiday. In fact, it is among the few holidays that isn’t both a Wall Street and a federal holiday. Those include Columbus Day and Veterans Day, which are federal holidays but aren’t vacation days for Wall Street.
U.S. equity trading this year will resume on the exchanges on Easter Monday; however, the London Stock Exchange will be closed both on Good Friday and Easter Monday, along with other European stock exchanges like Frankfurt’s DAX DAX, +0.66%, and France’s CAC 40 PX1, +0.59%, for example.
U.S. stock benchmarks have finished the first quarter with gains but uncertainty about the outlook lingers.
The Dow Jones Industrial Average DJIA, +0.52% rose 7.8%, the S&P 500 is up 5.8% and the Nasdaq Composite Index COMP, +1.76% increased 2.8%. The small-cap Russell 2000 RUT, +1.50% jumped more than 12%.
Market participants are, meanwhile, considering the infrastructure plan that President Joe Biden proposed Wednesday, coming after a $1.9 trillion COVID aid package that could amplify the economic rebound and possibly cause a surge in inflation, which could fuel turbulence in equity valuations that are considered lofty by some measures.