Lower Close Ahead Of Fed Minutes Release

The markets closed lower with the Dow dropping 70 points to 15,010 ahead of the release of Federal Reserve minutes on Wednesday. Nasdaq fell 13 points to 3589.

On the upside

Qihoo 360 Technology (NYSE: QIHU) continued rising after reports on Friday predicted that the company would reach 30% of the search market share in China in 2014.

HSBC upgraded Gerdau (NYSE: GGB) from a Neutral rating to an Overweight rating.

Edwards Group (Nasdaq: EVAC) will be acquired by Atlas Copco for approximately $1.6 billion in cash.

On the downside

InterOil (NYSE: IOC) will continue negotiations with ExxonMobil Papua New Guinea despite the lapse of an exclusivity arrangement.

Goodrich Petroleum (NYSE: GDP) entered an agreement with Morgan Stanley to sell shares of preferred stock.

Rising bond yields continued to weigh down mortgage real estate investment trust CYS Investments (NYSE: CYS).

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 fell 9 points to 1646.

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