The U.S. stock market will be closed on Feb. 17 (local time) for President's Day.

Traders are working at the New York Stock Exchange (NYSE) in the United States. /Courtesy of Reuters

The U.S. designates the third Monday of February as President's Day and commemorates it as a federal holiday every year.

President's Day was established to honor the birthday of George Washington, the first president of the United States, which falls on Feb. 22. It has been fixed on the third Monday of February since the passage of the Uniform Monday Holiday Act in 1971.

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