President Biden declared January 9 as a national day of mourning for Carter. That will also be the day of Carter's state funeral, held at the Washington National Cathedral in Washington D.C.
Both the New York Stock Exchange and Nasdaq Exchange will be closed for the full trading day on January 9.
"The NYSE will respectfully honor President Carter's lifetime of service to our nation by closing our markets on the National Day of Mourning," Lynn Martin, President of NYSE Group, said in a statement.
"We mourn the loss of President Carter and will be closing our U.S. markets during the National Day of Mourning to celebrate his life and honor his legacy," Tal Cohen, President of Nasdaq, said in a statement.
Carter served as president from 1977 to 1981, losing his re-election bid to Ronald Reagan in 1980. He was a Navy veteran, served as the 76th governor of Georgia, and is known for his more than 40 years of service to humanitarian causes through The Carter Center.
Stock market closures are rare outside of regular holidays. The last time the stock market closed in honor of a president was on December 5, 2018, following the passing of George H.W. Bush. Other events that closed the market include Hurricane Sandy in 2012 and the September 11 terror attacks.
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