NYSE Group said on Friday that the New York Stock Exchange would be closed on Jan. 2 to mark the death of former U.S. President Gerald Ford after the date was deemed a national day of mourning.

President George W. Bush on Thursday declared Jan. 2 a national day of mourning for Ford, who died this week, meaning all federal offices will close on Tuesday.

The Nasdaq Stock Market , the other major U.S. stock market, said on Thursday it also would be closed on Jan. 2.

Ford, the 38th U.S. President, served from 1999-200 on the board of NASD, a private-sector regulator of America's securities industry that once owned the Nasdaq.

"His leadership and invaluable service during his time on the NASD board contributed to what the NASDAQ is today," said Nasdaq President and Chief Executive Bob Greifeld.

The exchanges have historically closed on a national day of mourning for a U.S. president, such as in June 2004 after the death of President Ronald Reagan.

With New Year's Day a holiday on Monday, the NASDAQ and NYSE will be commemorating Ford in an already shortened week, which had caused some speculation that exchanges would be reluctant to close for a second day.

The Associated Press and Reuters contributed to this report.