Indices trade higher for third straight session, communications leads sector gains

Yahoo Finance Live anchor Seana Smith looks at how markets are performing in the final hour of trading on Friday, with meme stocks and the communications sector among the biggest leaders.

Video transcript

SEANA SMITH: Let's take a look at the market action and get you up to speed, with just about 60 minutes to go until the closing bell. We are still looking at gains across the board. The Dow up 412 points, right around the highs of the session. The S&P back above its 100th day moving average, up just about 1 and 1/2% on the day, moving further above that 4,000 level that we were talking about earlier this week.

And outperformance today in the NASDAQ, NASDAQ composite up just about 2%. We are also seeing gains from the small cap index, the Russell 2000. Russell 2000 up nearly 2% today. And the gains in equities coming as we've seen the dollar pull back once again, that strength in the dollar beginning to, I guess, take a little bit of a break if we want to call it that over the last trading day or so, with the US dollar still above 109.

Taking a look at the sector action today, we are really seeing gains across the board. All 11 of the S&P sectors moving to the upside. Leadership today from communication services, as well as energy and technology. Financials, utilities, still holding onto gains. Utilities up just around 7/10 of a percent.

Digging into that risk-on trade that we're seeing play out in the market today, you can see it reflected in some of these meme stock names. You have Coinbase up just around 8 and 1/2%. GameStop up another 10% today. Robinhood also moving to the upside. So investors willing to take a risk, and we're seeing that play out in some of the leaders in today's action, as we close out what has been a pretty volatile week here for the markets, Dave.

DAVE BRIGGS: That's indeed. I think the markets, like a lot of us, ready for the weekend.