Martin Luther King Jr. Day was first signed into law in 1983, and first officially observed as a holiday in 1986. Generally observed on the third Monday of January (close to or on King's actual birthday, January 15), MLK Day celebrates the life and legacy of one of America's most well-known and influential activists, who fought for racial and economic justice across the country.

Martin Luther King Jr. Day, falling on January 20 this year, is a federal holiday, and not every worker in the country necessarily gets a day off of work for it (45% of employers gave workers the day off in 2019). If your job depends on the stock market being open, you may be wondering if it is open or closed. Here's what you need to know.

Is the Stock Market Open on Martin Luther King Jr. Day?

No. Both the New York Stock Exchange (NYSE) and Nasdaq will be closed on Monday, Jan. 20, in observance of Martin Luther King Jr. Day. Bond markets will also be closed for the day. Currency markets may still be open for trading, though on a federal holiday trading will likely be lighter than usual.

When Is the Stock Market Closed?

The market will reopen on Tuesday and proceed with its normal hours - opening at 9:30 a.m. EST and closing at 4 p.m. EST.

The next time the market is scheduled to close this year is Feb. 17, in observance of Presidents Day.