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The last time that the U.S. stock market shut down was for two days in 2012 when Hurricane Sandy tore through the U.S. Most notably, the SEC shutdown the market in the wake of the 9/11 terrorist attacks. To avoid panic selling, U.S. markets did not open on that day and remained shuttered until Sept. 17. The TSX opened for 71 minutes of trading before closing down until Sept. 13.

Shutdowns have also occurred due to the John F. Kennedy assassination, the Franklin D Roosevelt’s Bank Holiday and for nearly five months during the First World War.

Earlier this year, China deployed the strategy as the virus spread from Wuhan and into other parts of the country during its Lunar New Year celebration. The Chinese stock market shuts down every year for a week during the celebrations, but authorities extended the closure for an additional three days in late January and early February.

The closure may have only delayed the inevitable: When the Chinese markets reopened on Feb. 2, the Shanghai Composite Index fell more than seven per cent. The Dow suffered a similar fate when markets re-opened following 9/11 and had what was then a record loss of 684 points.

David MacNicol, president and portfolio manager of MacNicol and Associates has worked through the financial crisis in 2008, the tech bubble bursting in the late 1990s and Black Monday in 1987 and yet it’s the downturn he’s witnessed in the last month that has been the sharpest. It could still get uglier for investors and an entry point is now “anybody’s guess” but that doesn’t convince him a market closure is needed.

“We’re doing our best to separate ourselves and self-quarantine,” said MacNicol. “To do something similar to the market and put it on hold for two weeks, I don’t know, I think you’re playing with mother nature.”

In a note to clients, Citigroup analyst William O’Donnell explored the possibility of a shut-down and appeared less concerned about one, given the circumstances.

“This is a World War against the virus, so maybe it’s not such a crazy idea?” O’Donnell wrote.

With file from Bloomberg

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