Posted: 15 Jan 2021 11:00 AM PST
Although Martin Luther King Jr. Day was a holiday in many states and cities throughout the U.S. beginning in 1971, it did not become a federal holiday until 1986. Even then it was not observed by the NYSE until 1998. In the 23 years since, the market’s performance during this four-trading-day week has been somewhat lackluster with average weekly performance negative for DJIA, S&P 500, NASDAQ, Russell 1000 and Russell 2000. Average losses range from 0.81% by DJIA to 0.16% by NASDAQ. Of the five indexes, not one has a record better than 50/50. However, since 2012 performance has shown signs of improving. DJIA, NASDAQ and Russell 2000 have risen in six of the last nine years. S&P 500 and Russell 1000 have climbed in five of the last eight.