It comes from the time when stock markets were physical things were traders would meet up to do trades. It just wasnt pratical to have people meet up in the middle of the night.
Today it is still useful because companies and people dont have to worry that their entire stock can drop in the middle of the night or on weekend/holiday. They can mostly enjoy their time of when the markets close (ofcourse there are still things that need to be handled wenn the markets arent open so the stock doesnt drop at opening to zero but those are rather rare).
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