Is the U.S. stock market closed on Memorial Day?
By Joy Wiltermuth
Investors are monitoring progress in Washington on a deal to extend or raise the current $31.4 trillion U.S. borrowing limit
The U.S. stock market is closed on Monday, May 29 for Memorial Day, as is the bond market, but the trading session for bonds also ended early Friday at 2 p.m. Eastern, ahead of the long holiday weekend.
Investors have been glued to developments on the U.S. debt-ceiling impasse in recent days, with talks in Washington looking somewhat promising on Friday for an agreement to be reached to avert bringing the U.S. to the brink of a default.
Read: Here's what's in the emerging debt-ceiling deal -- such as a cut to the IRS
Trading has been volatile in U.S. debt, especially in short-term Treasury bills due around the June 1 "X-date," or when Treasury Secretary Janet said the government is likely to run out of enough funds to coverall its bills, without a deal to suspend or increase the current $31.4 trillion U.S. borrowing limit.
The rate on the 1-month T-bill, issued on May 9 and maturing on June 6, was at 5.649% Friday, down 139.2 basis points from 7.041% two days ago, writes MarketWatch's Vivien Lou Chen. The 10-year Treasury yield was near 3.8% Friday.
Related: Here are 3 key things to know about markets and the debt-ceiling fight as Memorial Day weekend approaches
Stocks finished higher on Friday as well, but with the Dow Jones Industrial Average booking a 1% decline for the week, according to FactSet. The S&P 500 index rose 0.3% weekly gain, while the Nasdaq Composite Index gained 2.2% for the week, powered by excitement around Nvidia Corp.'s (NVDA) earnings and optimism around AI technologies The S&P 500 and Nasdaq also both closed Friday at their highest levels since August 2022.
Also see: Memorial Day weekend: Is the post office delivering mail on Monday? Are banks open?
-Joy Wiltermuth
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 29, 2023 07:00 ET (11:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.