Merry Christmas, Wall Street! But there’s no New Year’s Day holiday for the stock market this year—here’s why.
Blame it on an obscure rule. For the first time in a decade, there will be no stock market closure in observance of New Year’s Day.
In this case, the last day of December is a trifecta of accounting dates, including month-end, quarter and year-end dates and comes after markets have experienced a bout of volatility in recent days. By Tuesday afternoon, however, markets had made up for those losses and then some and the 10-year Treasury note yield TMUBMUSD10Y, 1.461%, was hanging near 1.50% after putting in a 3 p.m. Eastern Time finish at 1.418%, according to Dow Jones Market Data.It is worth noting though that, the U.S. Securities Industry and Financial Markets Association, a trade group, recommends a 2 p.m. ET close for trading in Treasurys on Dec. 31.
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