The most important of these were pharmaceutical stocks, which as a group closed higher.

By comparison, the standard deviation of pharmaceutical stocks has been 27.6.

Over the last year, investors have treated pharmaceutical stocks worse than the overall market.

Last year, the manufacturers' profits rose 13 percent, on average, and pharmaceutical stocks soared.

We need to see much lower multiples in big pharmaceutical stocks, for example.

Analysts said a late afternoon gain for pharmaceutical stocks contributed to the rise.

Investors also fled pharmaceutical stocks, one of last year's best sectors.

By contrast, a decline in all pharmaceutical stocks is one of the things that could force Dow to pay.

Merck was not the only pharmaceutical stock to have a good day.

The price has dropped 28 percent, from $88.25, since Jan. 1, leading a general decline in most pharmaceutical stocks.