Techs pull Dow out of steep dive
NEW YORK - Persistent concerns about rising oil prices and their impact on corporate profits sent stocks tumbling Wednesday until a late round of bargain hunting pulled technology issues higher.
The Dow Jones industrials, down as much as 227 points in afternoon trading, regained more than half that ground and closed down 101.37 at 10,687.92. The tech-dominated Nasdaq composite index rose 31.80 to 3,897.44 after being down most of the day.
Declining issues outnumbered advancers by a 14-to-9 margin on the New York Stock Exchange, where volume came to nearly 1.10 billion shares, ahead of the 1.02 billion in the previous session.
New cancer screening gains favor
NEW YORK - A more definitive cervical cancer screening test that helps reduce uncertainty in diagnosing the disease is gaining support from doctors and health insurers.
Aetna, the nation's largest health insurer, on Wednesday became the latest plan to cover the new DNA test that checks for the presence of a virus that studies show causes more than 99 percent of cervical cancers. The test is used when a Pap smear proves inconclusive - which happens about 5 percent of the time.
Kaiser Permanente, United Healthcare and most Blue Cross and Blue Shield plans already cover the test for human papillomavirus, or HPV, according to the test's maker, Digene Corp. of Gaithersburg, Md.
EBay sets $3 billion sales goal
NEW YORK - EBay Inc., the San Jose, Calif.-based online auction company, has set a sales goal of $3 billion in 2005.
The sales projection implies a revenue growth approaching 50 percent per year, the company announced Wednesday after its annual meeting with analysts.
Investors reacted favorably to the news, pushing shares of eBay up $10.88, nearly 17 percent, to close at $76.56 Wednesday on the Nasdaq Stock Market.