The Hollywood Reporter’s Paul J. Gough writes about what happened in business news yesterday on Martin Luther King Day…

It was a huge story for some of the news networks, including Fox Business Network, CNN and Fox News Channel. FBN had the most extensive live coverage. CNBC, following long-standing tradition when the U.S. markets are shut, ran only taped programming. It didn’t take the day off completely, however: CNBC on-air reporters were a part of NBC’s coverage on “Today” and “NBC Nightly News.”

All of the networks were preparing for a big news day Tuesday, when the Asian and European markets would have another go and the U.S. exchanges would be back from the three-day weekend.

Although CNBC ran taped programming throughout the Martin Luther King Jr. holiday, it offered coverage of the markets online.

“The U.S. markets are closed, and just as the Wall Street Journal isn’t publishing today, we have focused all of our editorial energy online and tomorrow when the U.S. markets are live,” CNBC senior vp Jonathan Wald said Monday.

Update: Variety’s Sam Theilman writes about FBN yesterday…

With fears of a U.S. recession taking a huge toll internationally, the “live from the stock market” hook that has looked silly in the past suddenly had a great deal of immediacy, and having reporters like Ashley Webster report live from London unexpectedly gave the fledgling channel a leg up on the competition.

Update 2: 1440 Wall St opines…

There will be few winners tomorrow. Sure, some funds are net short, others are heavily in cash.

But the often maligned Fox Business Network is a clear winner today. At least they were open for business and filling a void; it was a helluva time for the other folks to take the day off.

Update 3: PaidContent.org’s Staci D. Kramer writes…

While CNBC took Martin Luther King Jr. Day off and Bloomberg shut down early, newcomer Fox Business Network played Energizer Bunny—covering the disarray in foreign markets live. It’s the first real break-through moment for the network; don’t know if it got more audience today but it certainly earned some legit bragging rights and some positive attention.