New York (CNN Business) US financial markets will be closed on Wednesday to honor the memory of former President George H.W. Bush, who passed away late Friday at the age of 94.

The White House said Saturday President Donald Trump would declare December 5th a national day of mourning for the country's 41st president. "He and the First Lady will attend the funeral at the National Cathedral in Washington, D.C.," the statement said.

The New York Stock Exchange said it will suspend normal trading on Wednesday. "The exchange will observe a minute of silence to honor President Bush on Monday. As per our tradition, we will close the markets in observation of the Day of Mourning," spokesperson Kristen Kaus said.

The Nasdaq will also close for the day.

The stock exchange will observe a moment of silence on Monday "and plans to be closed on December 5, the national day of mourning designated by President Trump," Nasdaq spokesman Will Briganti said.

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