The stock market was closed today for a national holiday.
On October 27th, the stock market was closed for the rest of the day due to a national holiday. The stock market is always closed on national holidays in the United States, but this time it’s not because of Columbus Day. Instead, it’s because of Budget 2022.
What is Budget 2022?
The Chancellor of the Exchequer Rishi Sunak announced Budget 2022 on October 27th, which contained an increase in taxes and a rise in interest rates. The budget also included several spending cuts to offset the tax increases and interest rate hikes.
Why was there no market today?
The government has decided that there will be no trading on stocks or bonds for two days after every budget announcement. This means that there will be no trading on October 28th and 29th as well.
