Thanksgiving is celebrated on the fourth Thursday every November, providing an opportunity to gather with friends and family to give thanks. The holiday has become synonymous with the parade, football and dog show, while Americans dine on turkey and pumpkin pie.
According to History.com, Abraham Lincoln made it a national holiday to be celebrated on the last Thursday of November by presidential proclamation in 1863. Franklin D. Roosevelt moved the holiday up a week starting in 1939, in an attempt to “spur retail sales,” the website explained. After opposition, he signed a bill in 1941 moving it to the fourth Thursday of the month.
Federal holidays often usher in business closures to allow employees to celebrate. So are banks and the stock market open or closed? Here is what you need to know:
Most Banks Are Closed on Thanksgiving
Banks are typically open throughout the workweek, with Policygenius reporting the average bank opens between 8 and 9 a.m. and closes between 4 and 6 p.m.
According to Insider, that schedule is disrupted by federal holidays. Most financial institutions across the country follow the Federal Reserve System’s schedule of observed holidays. In addition to Thanksgiving Day, that schedule includes New Year’s Day, Birthday of Martin Luther King, Jr., Washington’s Birthday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day (Indigenous People’s Day is often observed in its place), Veterans Day and Christmas Day.
2021 is no different, with Newsweek reporting most of the below list, which will remain closed in observance. Online banking remains largely open and many call centers are still running. Click on your bank for exact details:
Some branches and private banks observe a different schedule. If you have any questions, verify with your local bank.
The Stock Market Is Closed on Thanksgiving
The stock market is closed on Thanksgiving. According to Barron’s, the New York Stock Exchange and Nasdaq closed to observe the holiday, as is the case for U.S. bond and over-the-counter markets.
According to the New York Stock Exchange’s website, there is a list of nine other holidays observed in all markets. Those include New Year’s Day, Martin Luther King, Jr. Day, Washington’s Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day and Christmas Day.
The stock market remains open during two commonly observed bank holidays – Veterans Day and Columbus Day (increasingly celebrated. as Indigenous People’s Day).
Barron’s did note the market will reopen on Black Friday, the day after Thanksgiving. The outlet reported the New York Stock Exchange and Nasdaq will be open from 9:30 a.m. until 1 p.m., while “bond and over-the-counter markets will close at 2 p.m.”
Are Banks Open or Closed on Thanksgiving Day 2021?