The latest controversy over the possibility of closing the stock market on Veteran’s Day has sparked many discussions.
Veteran’s Day is a holiday dedicated to people who had served the U.S. military.
The Veteran’s Day holiday began with the purpose to commemorate the end of World War I, which was declared in 1919 by President Woodrow Wilson.
The day of the holiday, Nov. 11, was chosen as the official date of Veteran’s Day in reference to the ending of World War I when Germany signed a document of armistice with the pact of Allies that had signaled the ending of the war.
Formerly referred to as “Armistice Day,” the holiday’s name was changed to Veteran’s Day in 1954 by U.S. Congress. With the name changed to Veteran’s Day, the holiday also recognized veterans of the Korean War and World War II. In current times, all active and inactive U.S. military personnel are honored as Veteran’s Day is celebrated.
However, this year a controversy was raised over whether or not the stock market will be open on Veteran’s Day. A rumor spread that the stock market will be closed due to the employees’ right to a ‘day off’. This sparked some disturbance in the general public.
However, the stock market wasn’t closed since it is not federally run.
The false rumor that the stock market will close on Veteran’s Day spread some disturbance amongst shareholders and traders who were in doubt about the schedule of their work.
Why was this rumor spread?
Veteran’s Day is normally a holiday where most employees get a free day to spend honoring the veterans. However, this doesn’t apply to the stock market. There has never been a controversy over the temporary suspension of the stock market on veteran’s day and this is not the first time the stock market will be off on such days, therefore the motive for this outcry from the people might have resulted from the fact that the present government has fallen on the wrong side of most of the people of the country.
Secondly, some financial experts believed that anxiety may be the reason why many people don’t feel okay with the suspension of the stock market for veteran’s day. The current losses in stock markets around the world, most especially in developing countries might have triggered some level of anxiety in many traders who had already lost so much to the crisis. Thoug the veteran day is not seen by many as a national holiday , since most corporate offices are opened for businesses, therefore , people believed that the operations of the stock market should not have been suspended.
With the recent uproar from the people, the management of the stock market are contemplating that, starting from next year, the stock market operations will not be suspended on veterans day , however, there will be less hours of operations , in honour of the veterans who fought for the unity of the country.