The U.S. dollar 'is winning the digital currency space race,' Circle CEO explains

Circle CEO Jeremy Allaire tells Congress about the role of the U.S. dollar in the massive cryptocurrency market.

Video Transcript

- Welcome back to Yahoo Finance Live. Stocks are attempting to eke out a third straight day of gains this afternoon with tech stocks leading the way higher after the NASDAQ's best day since March. For more on the market action, we have Yahoo Finance's Ines Ferre standing by. And Ines, with about 45 minutes left to go in today's trading day, what do you have your eye on?

INES FERRE: Well, Emily, I have my eye on the NASDAQ, which is up about 4/10% of a percent now. And the S&P 500 on track for its biggest three-day rally in a year. If you take a look at our Y-Fi interactive board, I'll just pull up the three-day chart. Much of those gains, of course, yesterday and the day before. But nevertheless, trying to eke out a gain today.

And then looking at the sector action, as you had mentioned, we're watching communications services that are leading the gains right now. We're seeing Facebook on the mega caps up more than 2 and 1/2%. Apple also up more than 1 and 1/2%. Right here you saw a spike with Apple. This is after it was granted a delay to a deadline that it had from a court to make changes to its app store as it appeals that decision. So that's why you saw an uptick in the stock price there.

And then I also want to mention the stay-at-home trades that have been seeing some bids today. You've got Peloton up more than 10%. These are stocks that have been heavily sold off over the last few sessions, or last week, I should say. DocuSign also up more than 10% after being down more than 40% last Friday.

Meanwhile, just taking a look at the travel section, these stocks are popping today. This is after the Pfizer and BioNTech headlines about their third shot of the vaccine being able to neutralize the omicron variant. That's why you're seeing the travel sector pop.