At the closing bell today the New York Stock Exchange will join the nation in mourning President Gerald Ford, who passed away Tuesday, Dec. 26 at the age of 93. While it is always appropriate to sometimes let the financial world rest when events warrant, can the markets survive an unscheduled day off?

Of course they can.

The markets need to close out of a sign of respect for a former leader of this country, and both the NASDAQ and New York Stock Exchange saw this as the appropriate thing to do this Tuesday, January 2. It is beyond me why the speculation about a partial trading day this Tuesday was even being covered by the media. The markets are what many of us pay attention to day in and day out -- but we need to let it rest sometimes, yes?

This marks the first time the markets will be closed for four continuous days (including the weekend and the Monday New Year's holiday) since the 9/11 attacks five years ago, when the markets were closed for six days.

While we all contemplate positions, holdings, portfolios and speculation for the upcoming trading year, it seems to be the appropriate time to reflect on the final days of 2006 and enjoy being around what we sometimes put on hold during the rest of the year.

Stocks were down slightly at the end of day Friday.

May President Ford rest in eternal peace.

Last night's death of our 38th president, Gerald R. Ford, sent me back to my analysis of the economic performance of U.S. presidents over the last 60 years. This analysis reveals that during Ford's 895 day tenure, the U.S. stock market and certain aspects of the economy performed surprisingly well.

Earlier this month, I met a colleague in the second floor lounge at the Yale Club in New York. While there, I admired the portrait of Ford, a graduate of Yale Law School, which hung above the fireplace. Ford was a popular target for Saturday Night Live comedian Chevy Chase and was mocked for his inflation fighting Whip inflation now (WIN) buttons.

But compared to 10 of his presidential peers, he ranked second -- to fellow Yale Law School graduate, Bill Clinton -- in stock market performance and fifth in overall economic performance. Specifically, the S&P 500 rose an annual average of 17% under Ford's tenure. Ford ranked fifth on six economic performance measures: during his presidency the economy experienced GDP, real disposable income and employment growth, while unemployment rate, inflation and the federal deficit declined.

He was particularly strong in reducing inflation (WIN won) and the federal deficit where he ranked first and second respectively. While debate may continue on the wisdom of his decision to pardon Richard Nixon, Ford's economic legacy is likely to be surprisingly good.

Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm, and a Professor of Management at Babson College.