Today is Good Friday, and as always, the stock market is closed in recognition of the holiday. It's surprising that the market would be closed on a day that's not even a federal holiday, but this is in continuation of a tradition that dates back to 1908. No one is quite sure how this started, although there are several theories about it. Maybe the most plausible is that it provides traders with an Easter holiday, and also gives Jewish traders a holiday during the Passover season.
There are other theories, though. One holds that the multitude of Irish Catholic exchange officials around the turn of the last century pushed for the market to be closed that day. Another rumor claimed that after a couple of ruinous Good Fridays during the 1890s, the exchange decided that it might be better off to stay closed instead.
We'll probably never know the true reason. But if you're celebrating the holiday today, we here at Echelon Wealth wish you and yours the best of the season.
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