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kiplinger.com:

The stock market is indeed open for a full trading session on New Year's Eve, Thursday, Dec. 31, 2020. But for what it's worth, bond traders do get a slightly shortened day; the bond markets will close up shop a little early, at 2 p.m. ET.

Why do bond markets close slightly early (at 2 p.m. ET) on December 31 whereas the stock market closes at the regular time?

  • Not sure if there is a definitive answer beyond 'tradition'. Note that the US fixed income markets had more early close days which was scaled back and justified by increased internationalization: sifma.org/resources/news/… – Morrison Chang Jan 1 at 0:36
  • If Quora has an answer, why are you asking here? – RonJohn Jan 11 at 1:34
  • 2
    @RonJohn The answer makes sense but is unsupported with official source + Quora content is not convenient to access without signing up+ Quora doesn't provide any archive. – Franck Dernoncourt Jan 11 at 1:37
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An answer by Michael Malone:

The bond market (even US-based) is primarily an international market. The rest of the world, especially Europe and Asia were already drinking champagne out of each other's slippers.

That'd be great to confirm this with some statement from the bond market officials.

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