Stocks climb higher, meme stocks surge amid rally

Markets reporter Jared Bikre looks at the gains seen across Nasdaq leaders and sectors amid the ongoing market rally.

Video transcript

RACHELLE AKUFFO: We're less than two minutes away from today's closing bell. Let's bring in Yahoo Finance's Jared Blikre to break down the market action. Hey, Jared.

JARED BLIKRE: Hey there. Really nice to see the NASDAQ up 3%, the S&P 500 up nearly 3%. Over the last two days-- check this out-- up over 5-- almost 5 and 1/2%, 5.75%. Let's take a look at the sector action. And over the last two days, this is the NASDAQ 100. I'll show you the sectors in a second. Really outsized gains here. And let's check this out. Apple up 5 and 1/2%. Alphabet, Microsoft each up more than 6%. Nvidia more than 8%. The one standout, Tesla, that's down 6%. But guess what? Twitter, purchasing Twitter is going to be a little bit expensive.

Now, here's the two-day price action. In sectors, energy up 10%. Been a while since we've seen anything like that, followed closely by materials, financials, industrials, tech, communication services. Everything up here up 5% to 10%. Pretty incredible to see this. Here is our leaders. Again, this is two days. Meme stocks up 8%, followed by homebuilders, chip stocks, Ark, gambling, IPOs, cannabis, transports.

And finally, here are those meme stocks. I got to think, any time you see this much green on the screen, we're talking short covering rally. Is that good or bad? Well, all rallies, even bull markets, begin with short covering rallies. But I did some of the math going back. With these huge 2 and 1/2% up days back-to-back, well, it can be a bit of a bad news there. So I'm not going to lead into it. I'm out of time. But let me just leave you with the closing bell here and our EV heatmap.