Modestly Lower Close As Debt Ceiling Negotiations Continue

July 20, 2011 at 17:36 PM EDT

Despite upbeat earnings news, the markets closed modestly lower with the Dow losing 15 points to 12,571 as debt ceiling negotiations continued in Washington. Nasdaq fell 12 points to 2814.

On the upside

A Seeking Alpha article said that Oncothyreon's (Nasdaq: ONTY) lung cancer treatment Stimuvax is expected to report upbeat results from a Phase 3 clinical trial.

Second quarter earnings for United Rentals (NYSE: URI) more than doubled as revenue rose.

Rumors that Google (Nasdaq: GOOG) may be interested in acquiring InterDigital (Nasdaq: IDCC) lifted shares of the digital wireless technology solutions company.

On the downside

Analysts expect YRC Worldwide (Nasdaq: YRCW) to post a second quarter loss on Friday.

Johnson Controls (NYSE: JCI) blamed one-time charges for a drop in third quarter earnings.

Pfizer (NYSE: PFE) offered a discounted price of $6 per share to acquire Icagen (Nasdaq: ICGN).

In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners edged out advancers by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 832.