Every year, Presidents’ Day brings with it a pause for reflection on the historical significance of America’s commanders-in-chief. But, besides offering a long weekend and stellar sales, it also affects various institutions, notably the IRS and stock market. Here’s what you need to know about their schedules during this federal holiday.
Stock Market Operations on Presidents’ Day
Traditionally, both the New York Stock Exchange (NYSE) and NASDAQ shut down on Presidents’ Day. This year is no exception. Financial markets will take a breather, meaning no buying, selling, or trading of stocks will occur. This aligns with the markets’ practice of observing federal holidays, which is crucial for traders to know:
– New York Stock Exchange (NYSE): Closed
– NASDAQ: Closed
– Bond Markets: Typically closed
For those planning financial moves, it’s advisable to conclude critical transactions by the preceding Friday.
IRS Functionality During the Holiday
While the stock markets rest, the IRS keeps its doors open. Despite Presidents’ Day being a federal holiday, the IRS doesn’t take a break, especially amid the busy tax season. Here’s what taxpayers can expect:
– Federal taxes: No interruption in processing
– Support services: Limited availability; automated tools accessible
Taxpayers should take advantage of the online tools and resources available through the IRS official website for any urgent matters.
Impact on Other Financial Services
Though major stock exchanges and certain government services pause, other financial services remain largely unaffected:
– Banks: Individual bank branches might close, check local branches for specific hours
– ATMs and online banking: Operational, allowing for usual transactions
Planning Ahead: What You Should Know
Understanding the holiday schedule helps avoid frustration and ensure that your financial planning remains unaffected. Here’s a quick recap and some tips for navigating the holiday with ease:
– Plan transactions with awareness of the market holiday
– Use IRS online resources for tax queries
– Confirm the availability of local bank services
Presidents’ Day doesn’t just commemorate past leadership—it also reminds us to prepare our present financial and tax-related dealings appropriately. Mark your calendar and plan accordingly to avoid any inconvenience.