U.S. stock exchanges will close on Thursday, January 9 in observation of a national day of mourning in honor of former U.S. President Jimmy Carter, who died on Sunday at the age of 100.

The New York Stock Exchange and the Nasdaq announced the closures on Monday, a customary gesture to honor deceased presidents.

President Joe Biden directed January 9 to be a day of national mourning for Jimmy Carter, the 39th U.S. President and recipient of the 2002 Nobel Peace prize for his humanitarian work.

The Securities Industry and Financial Markets Association has recommended an early close on Jan 9 for the U.S. bond market at 2:00 p.m. ET/1900 GMT.