Major indexes closed in the black across the board as investors looked past a reading on U.S. consumer inflation that came in higher than forecasts.

The move higher was particularly peculiar, Jim Cramer says, as the U.S. equity markets moved higher even on a day when bonds tanked, the VIX crumbled and oil surged.

As investors piled back in the major indexes there is also a gold rush of sorts going on in the biotech sector, according to Real Money's James "Rev Shark" Deporre.

"The change over the past two weeks has been the most dramatic in many years. The explosion in volatility has created a huge number of new opportunities," Rev writes. "Many market players are struggling to adjust and that is helping to make things even more volatile."

Amid the volatility, though Sangamo (SGMO)  , Sorrento (SRNE)  and others are breaking out, names like Tabula Rasa Healthcare (TRHC)  , Iovance (IOVA)  and HTG Molecular (HTGM)  have stellar momentum, Rev adds.

As always, TheStreet does our best to keep you up to date on all the recent drama on Wall Street and there's been no shortage in the recent past.

Xerox Corp. (XRX) CEO Jeff Jacobson is defending a joint venture with Fujifilm Holdings Corp. (FUJIY)  that preceded the document technology company's blockbuster combination with the film company.

Jacobson's comments come as Carl Icahn, the billionaire insurgent investor, earlier this week launched a campaign urging Xerox shareholders to vote against its merger with Fuji.

Icahn and Xerox's third-largest shareholder, Darwin Deason, both have raised concerns about the joint venture between Xerox and Fujifilm, which was set up by both companies years ago, well before the merger was announced. Icahn and Deason have argued that they would have preferred that the JV has been terminated, which they believe was possible recently, and that a cancellation of the partnership would have made it possible for Xerox to conduct a fair and transparent auction process.

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Photo of the day: A proud New England institution lands with a new owner

The Boston Herald, one of New England's oldest publications, has been sold out of Chapter 11 bankruptcy. Denver-based Digital First Media, owner of the San Jose Mercury News and the Denver Post, among other publications, won the Boston Herald in a five-hour bankruptcy auction with an $11.9  million bid. The bankruptcy and subsequent auction come after a long fall from grace for the 172-year-old Boston-based publisher. Above is a photo of the company's headquarters at 1 Herald Square in Boston, Mass. The paper moved out of the building in 2012 and it was sold to a developer. The site is now the home of a Whole Foods grocery and luxury condominiums.

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