NEW YORK (AP) — Technology stocks slammed into reverse on Monday, and the losses overshadowed gains in other areas of the market to send broad U.S. indexes lower.
Quest Diagnostics (DGX) isn’t the only medical testing laboratory chain that could get hit by a proposed cut to next year’s Medicare reimbursement rates. Closing at $94.60a share, Quest lost more than 7.3% in Monday market action, making it the worst-performing name in the benchmark index. Late Friday, the Center for Medicare and Medicare Services released draft Medicare reimbursement rates for 2018 that were far more severe than anyone expected.
Stock-market investors who had been fretting about the breadth of the market can take heart