The reason . Europe. The European Central bank decided it was not going to go easy on greece at least in public as that country tries to ease the terms out of its bailout. By the close, the blue chip dow index finished just six points higher 70,673. Nasdaq fell 11 points and s p 500 dropped 8 points. Oil snapped a four day rally with pressure of Energy Companies as focus is back on supply issues. Crude fell nearly 9 to 48. 45 and brent also dropped. Bob pisani is at the New York Stock Exchange with a reminder of how new york andthey in control. Reporter the four major sources of anxious. Oil, base metals bond yields and european equities. Several trends have been building for a while. Oil hovering in the mid 40s for a month and europe strong since mid january but the combination of all four together aided by words that a deal with greece may be possible as created a powerful rally. Going into the start of trading today, the s p 500 has rallied 70 points from its high to its low in just two days but today we were reminded that the oil and greek story is not out yet. When oil broke, it fell fast and the market came off its highs. Refusing to use greek debt for collateral for loans. Dropped but still eked out a small gain. For nightly Business Report, im bob pisani at the New York Stock Exchange. Whats next now for greece and how will this play out in the markets . Were joined by two guests. Michelle carusocabrera who has met with and interviewed the last four greek Prime Ministers and can explain why the developments out of europe are so important and mike holland with holland and company. Michelle lets start with you. Explain simply for us what the ecb announced today and whether it is a sign of a breakdown or just a different phase of negotiation. Its a sign of more pressure i think. Central banking operations can be pretty tough to explain and to understand but theyre really crucial to the Banking System. Theyre the reason we can get cash out of atms for example. What the ecb did today was they made it much harder for greek banks to get cash from the ecb. Normally the ecb will only give cash to banks in countries that are Investment Grade rating. Greece is not Investment Grade rating. Its junk rated, but greece had a special waiver from the European Central bank because greece was in the bailout program. They were meeting with their partners, the imf et cetera. As long as they did that the ecb said, okay, well keep giving you this cash. They decided the new government doesnt want to stick with the program. The greek banks can get cash but they have to go to the National Bank of greece that means all the risk stays within greece and its more expensive for the greek banks to actually do that and get the cash. So theres going to be an impact on the greek Banking System and this is the ecb putting pressure on the greek government to decide what theyre going to do. If theyre going to stick with the program or not. What doe your gut tell you, michelle . Youve spent so much time covering the story from the very beginning. Will this pressure work on this new government . Its really tough to know. They made many many demands and said they were going to make many demands when they came into office just one week ago. They came pained that they were going to make these demands. Well they caved on most of them so far. The last one was they really wanted to roll back a lot of the reforms. They wanted to rehire Public Sector workers. They want to raise the minimum wage. They want to do a lot of things that go against the program. They promise the public this. They face a really tough choice right now. Do they tell the public we cant do what we promised you . Or do they go to the central banking and give in . They promised also theyre going to stay in the euro. If they want to stay in the euro they may have to give . Mike holland, let me bring you in here. Equity investors late in the day sold off, will ask questions later here. Is that the right tack . Is this a sign of something really breaking down or is this a sign of public posturing . Well to go to your first question ty i believe that shoot first and ask questions later is what this market is doing now and has been doing for the last few months. And when it finds something negative to talk about, its selling things immediately. From people i know including michelles description, great description of whats going on there, this is not a gamebreaker and not a huge surprise. Mario draghi met with the finance minister. The market has been expecting this and yet its important to note the European Market is up 8. 5 yeartodate. The s p here as you know better than i, is down a little bit. So people are not all that worried about greece right now, but its a great excuse to shoot first and ask questions later. I truly believe at the end of this process, as the greek Prime Minister said at the end of the day, that they will find a way to get through this and i think to michelles point, i think theyll have to give in probably to the last bit of stuff. Is that why you favor europe at this point . You think that the greek situation will come to a favorable resolution for europe and for the markets . Sue, thats exactly right. I think that the calmer heads will prevail before this is over and far more important than just getting through the greek tragedy here is the fact that European Market is so much more attractively priced than a lot of the other World Markets including the u. S. Four or five multiples below. Not that we should care mike all that much because you say over the long or medium term europe will recover nicely and the market is well positioned but should we expect tomorrow for it to be a terrifically turbulent day in the european stock markets . Well you would expect so given the u. S. Reaction because thats apt to be european close but i would be more interested ty to see how europe ends today tomorrow. The markets over there, the World Markets are skiddish the china markets are skiddish. All markets since 2008 have been skiddish thats why its so cheap and made it for the easiest bull market of my lifetime the last six years. Having said that, when the is this nervous, i would expect a selloff in the morning but see the recovery in the afternoon, if theres not any, then theres more to come and thats the other fact of it. But i dont believe that this is something, the market has had this kind of stuff in its face since the beginning, up 8. 5 over there. Michelle final question to you. Theres a lot of talk over here that we might see a run on the banks in greece because depositors are nervous and perhaps understandably so. Whats your take on that . Could that happen . I spoke with the ceo of one of the four major greek banks tonight and he didnt think that would happen at this point. He thinks that the public is going to remain calm. What we have to wait and see is what happens tomorrow when the greek finance minister meets with the german finance minister whos likely to tell the greek again, a stern youve got to stick with the program. Weve got to see if theres bank runs the next couple of weeks and two weeks from now is when the governing council, the ecb, meets again. Could be a tougher decision there. Thats the next key point. Michelle thank you very much. Michelle carusocabrera and mike holland, thanks to both of you. And dragging the dow down today, also was merck. Shares of the drug maker fell more than 3 making it the worst performer in that index after it released dismal Fourth Quarter results. Earnings and revenue met wall streets estimates but its forecast fell short. Partly because like other multinationals a stronger dollar weighed on its results. But as meg tirrell tells us, thats only part of the story. Reporter it was hepatitis c grabbing the headlines today, not just for merck, but across the drug industry. A growing war over the cost of medicine sent drug maker stocks plunging after gilead sciences, the leader in hepatitis c said therapies are discounted much more than investors expected. This after pricing pressure had been mounting for more than a year. Gileads pills approved in december 2014. Price tag . 84,000 for 12 weeks of treatment or a thousand dollars a day. People worried that the environment could be deteriorating and the market is interpreting gilead to suggest that maybe theres some price compression coming our way. Reporter mercks hepatitis c regimen could hit the market in 2016 but follows already successful regimen from gilead and adv. Hepatitis c environment is getting more competitive and we saw in the announcement today that merck lost its breakthrough designation by the fda which is going to hurt merck in its ability to bring their products to the market quickly. Reporter gilead said it expects discounts of about 46 to the list prices of its hepatitis c drugs this year. Compared with 22 in 2014. That comes partially from increased access for patients covered by medicaid and the v. A. Receiving rebaits of more than 50 . With the new arrangements gilead said it has the capacity to treat more than 250,000 patients in the u. S. This year. The new hepatitis c drugs are a major advance as they cure the disease in about 12 weeks, generally without nasty side effects but whether theres room for more drugs to compete and how much theyll have to c hpete on price remains the question for merck. For nightly Business Report, im meg tirrell. Now to the Auto Industry where toyota today raised its full year profit forecast again. The worlds best selling auto maker attributes the upbeat outlook to the weaker yen which increased the value of sales overseas. Get the yen back with softening in japan. This is the second upward revision in toyota in two seconds and the u. S. , the auto makers biggest market. General motors topped expectations. Auto maker posted better than expected earnings driven by Strong Demand for pickup trucks and suvs, despite all recall costs. That caps a very strong 2014 from a car underlying performance perspective, really led by two most important markets, north america and china. Gm also said it plans to increase its dividend by 20 in the second quarter. Bright spot in florida in respect to sales of popular f150 pickup truck. Philip lebeau explains. Reporter ford is hiring more workers as it continues to ramp up production for its new aluminum f1 series pickup truck, an indication that demand for this strong is as strong as hoping it would be when they first started dealing last year. New jobs about 1,550 spread at a number of ford plants around the country but 900 will be at the kansas city truck plant that is currently retooled and Start Building the new f series later this spring. Once that plan is online along with the dearborn truck plant, f1 Series Production will top 700,000 vehicles and the reason ford is adding more workers and increasing work on the f series is because demand has been much stronger than many were expecting. Ford said the new f series is selling in just 12 days once its delivered to a dealer showroom. Industry averages usually 50 to 60 days for a new vehicle but one dealer in chicago says hes had more interested than he expected for this new truck. I think every dealer has anticipated this new aluminum bodied truck, certainly the customers have. Theyre coming in theyre asking for it. We got our first one, i think every dealer in the country got one. We sold it and now got our second one, called this morning and cleaning it up putting it on the showroom floor. Reporter the f series received a lot of attention, not just because of the aluminum body panels but because it is far more fuel efficient than the previous versions built with steel panels and oh by the way, the old version of the f series is done quite well. This truck has been the best selling vehicle in the United States for more than 30 years. Philip lebeau nightly Business Report, chicago. Still ahead, microsoft ceo has been in the Corner Office for one year now. But what does he still have to do to win over investors and wall street . A new report today on the labor market. Payroll processer adp said businesses added 213,000 jobs in january. That was slightly less than the 223,000 new private sector jobs that economists had been looking for. But it also was the fifth consecutive month of gains over the 200,000 mark. The Government Employment report for january is due out on friday. More details today on the federal Communications Commissions plan for the internet plan operation by wired. Com. The fcc chairman tom wheeler said his agency will outline, quote, the strongest open internet protections ever proposed end quote. The proposal would prohibit Internet Service providers from blocking or slowing down web sites or charging companies for faster content delivery. The plan will not include things like rate regulations or tar i have haves with time warner and comcast, the Parent Company of cnbc which produces this program, sent those shares higher. Ralph lauren cut again, slashed Revenue Growth forecast blaming a stronger dollar and weak consumer spending. Net income fell during the quarter as the company spe more on Opening Stores and marketing. The fashion house is raising its Quarterly Dividend to 50 cents a share. Still, shares tumbled 18 to 139. 71. Shares of kohls different after a better than expected outlook. Raised Earnings Guidance for the year citing strong growth in the holiday season. Shares were more than 6 higher to 66. 87. And costcos january same store sales flat missing analystss expectations. A slowing Global Economy partly to bla for the warehouse retailers results. Still, shares rose more than 1 to finish at 155. 92. And despite sonys hack attack its loss wont be bad as expected. Trimmed its expected yearly loss after cutting corporate costs and seeing better than expected sales of Playstation Game consoles. Sony will spend 15 million to investigate and recover from that breach. Despite that, surged to 25. 94. A strong outlook for humana the insurance missed the streets estimates. Membership grew but new hepatitis c treatment and flu increased. But problems behind it and predicting a better 2015. Shares up more than 1 to close at 150. 54. A big beat from world pool today. Recent acquisitions in europe and asia helped. Its been raising prices in foreign markets to offset that. Shares popped almost 7 to 214. 88. Yum out with earnings after the bell. Pizza hut and kfc owner said sales fell less than expected in china. The companys biggest market. Revenue topped estimates but earnings were shy of them. Shares initially popped after the bell better the close, shares were up slightly to 73. 65. It has been one year since microsoft officially appointed nadela as the companys ceo. Since then the stock gained nearly 15 . Just about as much as the broader market. And his tenure so far filled with hits and some misses. Josh lipton reports. Reporter how do we judge sacha nadellas performance . The leadership microsofts revenue jumped 12 to 93. 5 billion. Its a record when it comes to other high profile executives. Not as strong as ceo from apple, tim cook jumped 50 in his first year on the job, but better than ibms jim naretti with top line slumped 2 . And question of whether nadella produces a Smart Business strategy. Analysts say he is. Finally you have a ceo to escape where the puck was going fermterms of cloud, mobile and much more openness to take microsoft into this next paradigm shift were seeing on the cloud. Reporter in its last Earnings Report microsoft disclosed the commercial Cloud Business boasted triple digit Revenue Growth for the sixth straight quarter. Also cheered nadela for another reason. They say hes a better fit at this time for microsoft than his predecessor, steve bomber. Nadela is a developer, where balmer was really a sales guy. Thats great with sales guys but with growth i think they want to hear from the developer in the company as opposed to the sales guy. Reporter however, some analysts argue that the first year honeymoon ended for nadela when microsoft last reported Earnings Results in late january. The stock dropped hard following that report. Part of the worry . Underlying trends for its windows franchise. For nadela to keep shareholders on its side windows 10 the new version of operating system due out later this year needs to be a big hit. Windows still does account for about 25 of microsofts revenue, companies consumers, and Developers Need to embrace windows 10 if nadela hopes to win over wall street in 2015 and beyond. For nightly Business Report, im josh lipton in silicon valley. Coming up the lengths some developers are willing to go to to get their projects financed. Commercial real estate are getting creative when courting potential investors. Two reports tonight on the lengths some developers go to finance their real estate projects. We begin with diana olick in miami. Reporter soaring past the tallest towers on the miami skyline, sky rise which exists so far in virtual reality, is the talk of the town. And not just this town. Investors as far away as dubai are eager to get in on the 400 million project hoping to buy u. S. Citizenship through a federal jobs program known as eb 5. It becomes a very shortcut approach for the potential immigration investor to get the green card. All they have to do is get source vetted by family. Reporter requires each individual to invest 500,000 in a project that creates at least four fulltime jobs. Sky rise has been given eb 5 status. This investment is not going to give a huge return for the investor in terms of any sort of gains or margins, anything like that. The greatest return for these investors is their ability to get a green card. Reporter sheas a main and malik are venture cap lists investing in eb 5. I think the biggest risk is this tower, the structure theyre making is dependent on tourism. Reporter birk wits said he expects the nightclub, restaurant and multiple Observation Deck to drop 3. 2 million paying visitors a year. I think the numbers hes using, the projections, are overly optimistic to say the least. Reporter charles korta sued the city over the project built on public land and Miami Dade County given 98 million. The closest you can get is maybe the empire state or the eiffel tower. The numbers hes using for checks more visitors per capita lets say, than either of those two very iconic world famous structures. Reporter burke wits points to new development and entertainment around the tower site and constant cruise ship traffic coming next door. The economics appear to be extremely promising. Reporter early groundwork at the site is just beginning but investor in dubai is very strong. Thats because regardless of tourist demand the payoff u. S. Citizenship, is already built in. For nightly Business Report, im diana olick in miami. Another way to raise funds for a real estate project is through equity crowd funding that allows people or the crowd to fund a project in exchange for an equity stake. Kate rogers reports now on the growing interest in one project, just a stones throw away from wall street. Reporter a couple of years from now, 17 john street wont look much different than a gut renovation and expansion. While Real Estate Development projects are nothing new in new york city its the investors backing this particular deal that are unique. The crowd is behind this project. The developers raised 35 million in equities via prodigy network. Prodigy is financing another 78 million for the john Street Project for more Traditional Bank alone. This project is just one of three that prodigy has under way using a total of 80 million in crowd funds. Unlike the more popular type of crowd funding, often associated with Charity Projects and reward based returns, equities based crowd funding makes investors part owners. Our motto is really to provide access to specific real estate assets in big cities like new york. With institutional quality sponsorship so people with invest in deals. For this project in particular, i prefer a return of 6 and then its 80 20 up to a 15 irr and we anticipating investors will make a 15 to 19 return. Reporter tracks equity based crowd funding across the globe says Equity Investments have major growth potential. Right now, only accredited investors can participate. That is people with income of more than 200,000 or a net worth of 1 million excludeing your primary residence. But those roles could eventually change. The Small Companies are allowed now to go out to the crowd and get their product validated versus waiting for anna edward jell investor or cb. If one could be a 300 billion market. Reporter Technology Projects are drawing the most interest and cash from investors. For nightly Business Report, im kate rogers. That does it for nightly Business Report tonight. Im sue herera thanks for watching. Im tyler mathisen. Thanks from me as well. Have a great evening, everybody. We hope to see you back here tomorrow nig tonight on quest the human body is a miraculous machine, and top athletes can tune it for both strength and endurance. Find out how performanceenhancing drugs can accelerate that process at a price. And in the library of congress alone, there are millions of historic audio recordings, many too damaged to play. See how a bay area physicist and his team have come with a revolutionary new way to play back priceless old records and cylinders without ever touching them