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Stock market, most banks closed for Martin Luther King Jr. Day, while stores, restaurants and parks open

U.S. stock markets and most banks will be closed Monday in observance of Martin Luther King Jr. Day.

Unlike with some other federal holidays, national retailers and restaurant chains will be open. However, amid the coronavirus pandemic, some businesses continue to operate with reduced hours and some locations may be closed.

Many stores also will have sales Monday and the day honoring the civil rights icon is considered the best time to find a used car deal, according to a study by car search engine iSeeCars.com.

While Costco is closed seven days each year – including New Year’s Day, Easter, Memorial Day, Fourth of July, Labor Day, Thanksgiving and Christmas – the wholesale club is open Monday.

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The United States Postal Service also won’t be delivering mail Monday and all locations will be closed but you still might get packages from FedEx and UPS if they don’t depend on USPS.

President Ronald Reagan signed a bill marking the third Monday of January as Martin Luther King Jr. Day in 1983 and the first holiday was observed in January 1986. It was not observed in all states until 2000. King’s birthday was Jan. 15. He would have been 92 years old.

Some small businesses might be closed. According to a survey by Bloomberg Law, 45% of private employers closed their doors for Martin Luther King Jr. Day in 2019. More employers gave that day off than President’s Day.

Because of COVID-19, scores of marches, parades and other events held to mark the holiday honoring Martin Luther King Jr. have been canceled. Many events have moved online, offered virtually through Zoom or other apps – but organizers hope public enthusiasm will remain high given the extra resonance that the holiday carries in a time of continuing social unrest.

Monday also is the first chance in the new year to get free admission at national park sites that charge an entry fee. There are still fees for camping, transportation, activities and tours.

Contributing: Marc Ramirez and Julia Thompson, USA TODAY; Melissa Yeager, Arizona Republic

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