February 2nd is the Feast of the Presentation, often called Candlemas, which commemorates the purification of the Blessed Virgin Mary and the presentation of Christ in the temple, which took place 40 days after his birth as Jewish law required. Luke tells us, quoting Exodus 13:2,12, that Mary and Joseph took Jesus to Jerusalem because every firstborn child was to be dedicated to the Lord. They also went to sacrifice a pair of doves or two young pigeons, showing that Mary and Joseph were poor.
Once in the temple, Jesus was purified by the prayer of Simeon, in the presence of Anna the prophetess. Simeon, upon seeing the Messiah, gave thanks to the Lord, singing a hymn now called the Nunc Dimittis:
Simeon told Mary, "Behold, this child is set for the fall and rising of many in Israel, and for a sign that is spoken against, (and a sword will pierce through your own soul also), that thoughts out of many hearts may be revealed." Simeon thus foreshadowed the crucifixion and the sorrows of Mary at seeing the death of her Son.
The name Candlemas comes from the activities associated with the feast. It came to be known as the Candle Mass. In the Western Church, a procession with lighted candles is the distinctive rite. According to post Vatican-II discipline, (if possible) the beeswax candles are to be blessed somewhere other than where the Mass is held. Often your local parish will hand out candles, or you may bring your own, to be blessed before the procession. These may be saved for later use in your home. After an antiphon, during which the candles held by the people are lighted, there is a procession into the church. During the procession to the church, the Nunc Dimittis is sung, with the antiphon "Lumen ad revelationem" (Luke 2:32). This procession into the church for Mass commemorates Christ's entrance into the temple. Since Vatican II, the feast is reckoned a feast of the Lord (as opposed to a feast of Mary), and officially designated "The Presentation of the Lord."
The readings of the Mass of the Day are:
The reading from Malachi tells us that God will send his messenger to prepare the way and that, suddenly, the Lord himself will appear. This reminds us of John the Baptist’s preaching. St Paul, in the second reading from the letter to the Hebrews, tells us that Christ had to become human in order to fully represent us before God the Father. In our gospel passage from St Luke, we see Mary and Joseph going to the Temple with the infant Jesus to be purified. There, they meet Simeon and also Anna who both speak of the child as being salvation for all the nations. Simeon praises God and says that he can now rest in peace for he has seen the Saviour. Though he was the Son of God and himself God, Jesus was still brought up in the faith and with respect to the Law of Moses. (Reflection on readings from Irish Carmelites)
Further reflection here from Blue Eyed Ennis
History of the feast
Egeria, writing around AD 380, attests to a feast of the Presentation in the Jerusalem Church. It was kept on February 14th. The day was kept by a procession to the Constantinian basilica of the Resurrection, with a homily on Luke 2:22-39. However, the feast had no proper name at this point; it was simply called the 40th day after Epiphany. This shows that the Jerusalem church celebrated Jesus' birth on the Epiphany Feast (as is common in some Eastern Churches today). In regions where Christ's birth was celebrated on December 25th, the feast began to be celebrated on February 2nd, where it is kept in the West today. In 542, the Emperor Justinian introduced the feast to the entire Eastern Roman empire in thanksgiving for the end to a great pestilence afflicting the city of Constantinople. Perhaps this is when Pope Gregory I brought the feast to Rome. Either way, by the 7th century, it is contained in the Gelasianum Sacramentary. Pope Sergius (687-701) introduced the procession to the Candlemas service. The blessing of candles did not come into common use until the 11th century. While some scholars have asserted that the Candlemas feast was developed in the Middle Ages to counteract the pagan feasts of Imbolc and Lupercalia, many scholars reject this, based on Medieval documents. While the feast does coincide with these two pagan holidays, the origins of the feast are based in Scriptural chronology. Some superstitions developed about Candlemas, including the belief that if one does not take down Christmas decorations by Candlemas, traces of the holly and berries will bring about the death of the person involved. In past times, Candlemas was seen as the end of the Christmas season.
Candlemas Day was also the day when some cultures predicted weather patterns. Farmers believed that the remainder of winter would be the opposite of whatever the weather was like on Candlemas Day. An old English song goes:
If Candlemas be fair and bright,
Come winter, have another flight;
If Candlemas bring clouds and rain,
Go winter, and come not again.
Thus if the sun cast a shadow on Candlemas day, more winter was on the way; if there was no shadow, winter was thought to be ending soon. This practice led to the folklore behind "Groundhog's Day," which falls on Candlemas Day.
Today, the feast is still celebrated on February 14th in some Eastern Churches, including the Armenian Church, where the feast is called, "The Coming of the Son of God into the Temple." Most churches celebrate it on February 2nd.
And finally a Reading From a sermon by Saint Sophronius, bishop which is the suggested second reading from the Office of Readings for the feast:
Let us receive the light whose brilliance is eternal
In honour of the divine mystery that we celebrate today, let us all hasten to meet Christ. Everyone should be eager to join the procession and to carry a light.
Our lighted candles are a sign of the divine splendour of the one who comes to expel the dark shadows of evil and to make the whole universe radiant with the brilliance of his eternal light. Our candles also show how bright our souls should be when we go to meet Christ.
The Mother of God, the most pure Virgin, carried the true light in her arms and brought him to those who lay in darkness. We too should carry a light for all to see and reflect the radiance of the true light as we hasten to meet him.
The light has come and has shone upon a world enveloped in shadows; the Dayspring from on high has visited us and given light to those who lived in darkness. This, then, is our feast, and we join in procession with lighted candles to reveal the light that has shone upon us and the glory that is yet to come to us through him. So let us hasten all together to meet our God.
The true light has come, the light that enlightens every man who is born into this world. Let all of us, my brethren, be enlightened and made radiant by this light. Let all of us share in its splendour, and be so filled with it that no one remains in the darkness. Let us be shining ourselves as we go together to meet and to receive with the aged Simeon the light whose brilliance is eternal. Rejoicing with Simeon, let us sing a hymn of thanksgiving to God, the Father of the light, who sent the true light to dispel the darkness and to give us all a share in his splendour.
Through Simeon’s eyes we too have seen the salvation of God which he prepared for all the nations and revealed as the glory of the new Israel, which is ourselves. As Simeon was released from the bonds of this life when he had seen Christ, so we too were at once freed from our old state of sinfulness.
By faith we too embraced Christ, the salvation of God the Father, as he came to us from Bethlehem. Gentiles before, we have now become the people of God. Our eyes have seen God incarnate, and because we have seen him present among us and have mentally received him into our arms, we are called the new Israel. Never shall we forget this presence; every year we keep a feast in his honour.
The blessings of candles, symbolic of Christ the Light to all peoples, is observed on this feast is a poignant reminder that the great feast of the Incarnation of our Lord and Savior means something as it fails to reduce God-becoming man to sentiment or ethics. Taken by the faithful to their homes, the blessed candles are a reminder that Jesus Christ is indeed "Light from Light, True God from True God." The Presentation of the Lord in the Temple emphasizes in yet a more radical way the manifestation of the Christ child at Epiphany celebrated a few weeks ago. This feast, like the Christmas-Epiphany cycle, proclaims Jesus as Lumen gentium (the Light of the world). He is the true foundation of our lives. At the singing of the Canticle of Simeon (see above) the Church puts on our lips the words of Scripture instructing us that Jesus is "The light for the revelation of the Gentiles: and for the glory of Thy people Israel."
In a nutshell, the Church says of the observance of the feast of the Presentation:
"The feast of February 2 still retains a popular character. It is necessary, however, that such should reflect the true Christian significance of the feast. It would not be proper for popular piety in its celebration of this feast to overlook its Christological significance and concentrate exclusively on its Marian aspects. The fact that this feast should be "considered [...] a joint memorial of Son and Mother" would not support such an inversion. The candles kept by the faithful in their homes should be seen as a sign of Christ "the light of the world" and an expression of faith. (Directory on Popular Piety and the Liturgy, 123) (Reflection on Light from here)