Concerns that the Federal Reserve would soon raise interest rates weighed the markets down to a lower close with the Dow falling 61 points to 16,987. Nasdaq dropped 24 points to 4,567.
On the upside
Following two days of profit taking, On Track Innovations (Nasdaq: OTIV) share climbed again.
PSP Investments, Ontario Teachers' Pension Plan and GIC invested $700 million in XPO Logistics (NYSE: XPO).
Second quarter earnings slipped for Sportsman's Warehouse Holdings (Nasdaq: SPWH) but the results were better than expected.
On the downside
Petrobas (Nasdaq: PBR) extended its losses after bribery allegations surfaced earlier this week.
Continued weakness in the offshore drilling market weighed down shares of North Atlantic Drilling (NYSE: NADL) and SeaDrill (Nasdaq: SDRL).
Profit taking weighed down shares of Ubiquiti Networks (Nasdaq: UBNT).
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 fell 11 points to 1985. Bitcoin slipped $2 to $470.
Lower close over rate concerns
September 12, 2014 at 18:10 PM EDT