Several positive headlines for various drug companies combined to push the biotech sector higher and bring the other indices along with it. Keith Bliss of Cuttone points out the biotech sector had been oversold, but with good news buyers came to the table. Amgen's cholesterol drug sees positive results and Biogen receives approval from the FDA on a hemophilia drug, while Curis has positive developments on its cancer drug and Novartis sees success with its heart failure drug.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Video

Video: 2018 Is Actually a Normal Year for Stock Market Volatility

Video: 2018 Is Actually a Normal Year for Stock Market Volatility

BlackBerry CEO Talks Impact of Trump's Tariffs Among His Big Automaker Clients

BlackBerry CEO Talks Impact of Trump's Tariffs Among His Big Automaker Clients

Trump Sowing the Seeds of a 10% Stock Market Correction?

Trump Sowing the Seeds of a 10% Stock Market Correction?

Jim Cramer: Reports of Attempted Trade Truce With China Are False

Jim Cramer: Reports of Attempted Trade Truce With China Are False

Video: Here's When Investors May Start to Withstand Tough Trade Talk

Video: Here's When Investors May Start to Withstand Tough Trade Talk