The S&P 500 closed slightly higher on Friday to cling to a two-year high, while investors predicted a pause in the days ahead, when volumes are expected to dry up and after a 5 percent gain so far in December.

Based on the latest available data, the Dow Jones industrial average <.DJI> dipped 7.27 points, or 0.06 percent, to end unofficially at 11,491.98. The Standard & Poor's 500 Index <.SPX> gained 1.05 points, or 0.08 percent, to 1,243.92. The Nasdaq Composite Index <.IXIC> gained 5.66 points, or 0.21 percent, to 2,642.97.

For the week, the Dow was up 0.7 percent, the S&P 500 was up 0.3 percent and the Nasdaq was up 0.2 percent.

(Reporting by Caroline Valetkevitch, Editing by Chizu Nomiyama)