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.

After some difficult sessions last week, traders are keeping their eyes on the chimney to see if the so-called Santa Claus rally will take shape this year. The seasonally bullish trend typically sees equities rise over the last five trading sessions of December and the first two trading days of January.

Yes. The New York Stock Exchange and Nasdaq will both operate on half-day schedules, closing at 1 p.m., while bond markets will shut down at 2 p.m., and major U.S. financial markets will stay closed until Thursday’s normal trading session.