The Santa Claus rally refers to a seasonal tendency for the S&P 500 to rise over the last five days trading days of a calendar year and the first two of the new year. U.S. stocks pared early losses on Thursday, with the Dow wavering in and out of positive territory in recent trade.

Tech and growth stocks dragged Wall Street’s main indexes lower on Friday, at the end of an upbeat holiday-shortened week that was driven by expectations around a traditionally strong period for markets.