Today when I wanted to check the stock price of Walmart on Valentine's Day on NASDAQ at 11:18 AM IST[Indian Standard Time] (which is 12:48 AM as per Eastern Time in the US ), I was shown the last traded price yesterday. So I was really curious to know that why don't markets stay open 24/7 or atleast 12/6 ? Is it related to fair trading or extra overheads incurred by the exchange due to lower volume on a weekend ?
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My guess is liquidity, as you alluded to. Say the U.S. markets were open 24/7, how many traders would realistically be putting in orders through the night? Even for an industry that spends more waking hours on average in the office than virtually any other industry, volume would probably dip enough during the wee hours of the night such that it's impossible to justify leaving the market open. In the end, I'd imagine people have lives to live and have at least some desire to spend time away from the desk.
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