Real estate leads sector gains in market rally, cannabis and meme stocks surge

Markets reporter Jared Blikre checks out the market and sector gains consolidated ahead of the closing bell, in addition to looking at cannabis, meme, and banking stocks.

Video transcript

SEANA SMITH: We are minutes away from the closing bell. Stocks looking at the third day in a row of gains. Jared Blikre is at the big board here to break down today's action. Jared.

JARED BLIKRE: Let's take a look at those three days. Dow is up 1% today, up about-- well, that's 1%. Let's take a look at over the last three days, nearly 5%. The other two indices-- actually other three indices here-- basically in line with that. Here's the sector action. Just about everything is in the green right now. Real estate in the forefront.

T-bonds, all the bond yields basically coming down pretty heavily. That is giving an impetus to growth stocks. Communication services, a lot of those tickers that we cover, some of those mega caps like Meta is in there. Materials, discretionary, utilities, tech, all of those outperforming.

And let's take a look at some of our leaders today. Cannabis stocks-- that is MJ-- that ETF is up over 8 and 1/2%, followed by ARKK, followed by meme stocks, IPOs, solar, homebuilders, retail, internet stocks. All of those really in the leadership position. You can get a pretty good picture here of what's going on by just looking at our meme stock board. We've seen this picture before at the beginning of some of these big flashy bear market rallies. We see a lot of movement into some of these fringe markets. It could be what we're seeing here again today.

We'll check out the EV space. Tesla getting a lot of love. That's up 5%. Elon Musk expected to close that transaction with Twitter on Friday. Going to cost him a lot, but hopefully he's done selling Tesla shares in order to cover that transaction costs. Also got just got a tweet from somebody at Bloomberg that says that Elon Musk is personally going to help sell some of that bank debt that they are taking on in order. So nice guy there. Let's take a look at the bank stocks. We see those largely in the green. Energy has been flagging a bit today. Mixed picture here. Here is your closing bell on Wall Street.

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