S&P on track for best two-day gains in two years, all sectors continue rally

Yahoo Finance Live anchor Seana Smith looks at how stocks at performing in the final hour of trading on Tuesday.

Video transcript

SEANA SMITH: Let's get you up to speed on the buying action that we're seeing once again in the market today. You can see the Dow up 769 points as risk-on sentiment returning to the markets. NASDAQ up another 3% today. S&P up almost 3%, closing in on 3,800, on track for its best two days of gains that we've seen in just about two years. The Russell 2000, the small cap stocks here, also rallying up another 3% today. This, of course, coming as we see a pullback in the VIX. The VIX now just above 28, below that 29 handle.

Let's take a look at the 10-year yield, yield pulling back once again today, off another 3 basis points to 3.62. The dollar also moving to the downside here. And that makes a lot of sense when you take a look at that risk-on sentiment that's playing out in the market today, with the dollar now just above 110. And take a look at Bitcoin here. Talking about taking a risk, Bitcoin now well above 20,000, up another 2.6% today.

Taking a look at the sector action, all 11 of the S&P sectors moving to the upside. Energy once again the leader today, up just around 4%, followed by materials and consumer discretionary. Digging in to some of these sectors, let's start with the meme stocks, though, first, because pretty much, you're seeing buying across the board.

Now, a lot of the leadership [INAUDIBLE] a bit of a mixed bag. You have GameStop up just over 8%. Taking a look at the semis, the chip stocks once again rallying today. Qualcomm up another 4%, AMD up another 3% today. We know this is a basket of stocks that has been hit very, very hard since the start of the year.

Bank stocks moving to the upside today. JP Morgan, Wells Fargo, Goldman Sachs all up just over 4%. Goldman actually up nearly 5% today. And travel names also moving to the upside with this rally that we are seeing play out, as we head into the final hour of trading. We have Airbnb one of the leaders there, up just over 5%. Rachelle.