Tumultuous session. Another month of equities but not just equities that got squeezed. Government bond yields touched record lows new ones and the price of oil surged. Strangely to its biggest oneday gain in two and a half years. With losses accelerating into the close, heres how the major averages ended the day. The dow was down 251 points. Thats its worst month in a year. The nasdaq all fight 48 and the s p lower by 26. Also ending its worst month since last january. For the month, the dow and the s p were both down more than 3 . The nasdaq off by 2 and during january, the dow get this triple digit moves, 70 of the time. Volatility is back. In the bond market yield on the benchmark ten year treasury note bounced from a 20 year low and closed a year session high of 1. 66 and oil with a big day as we mentioned there. 8 higher. Biggest oneday gain since june of 2012 following sharpest weekly drop in the u. S. Oil rig count in nearly three decades. Looming over the entire day, a dismal read on Fourth Quarter gdp. The u. S. Economy grew at a much slower than expected rate just 2. 6 in the final quarter of the year. Half of what it was in the summer quarter. Steve liesman takes a look behind that number and what it may mean to the Federal Reserve. Reporter too much spending was strong at 4. 3 , the best number weve had since 2006 but Business Investment did slow down and federal Government Spending declined by 7. 5 mostly payback from a Strong Defense spending number in the third quarter. Still, some economists were concerned that this was a harbinger of Slower Growth in the United States ahead, but one key policy maker, president John Williams was not deterred. Very optimistic for 2015. Still very strong Consumer Spending. We also know that the Consumer Confidence is quite high and were also seeing really good real Income Growth for households. I feel a lot of strength in the domestic economy. Reporter expects wages to rise more than they have been going up up 2. 3 in the Fourth Quarter, about half of the level youd expect in the healthy job market. We also see deflation rising to the 2 inflation target but wont happen until 2016. Still support the Federal Reserve raising rates in the middle of 2015 a day that comes in the way you expect it. The round year is a good guess but we get close to the point when rates will be appropriate. Im not predicting it will be june or any particular medium. Reporter falling to 5 the end of this year. Well get a read on unemployment for wall street looking at the january report to come in with unchanged read at 5. 6 and job growth expected to be strong again at 234,000. Those will be critical elements the fed will be watching to set policy for later this year. For nightly Business Report, im steve liesman. And maiichael hampton why hes revising his growth. U. S. Economist with bank of America Merril Lynch global reserve. Where did you take your numbers and why . We brought down 2015 forecast to 3. 15 to 3. 3. It reflects that the Fourth Quarter was so soft and the jumping off point as you will a little lower and brought down the growth rate as a result. What are the components you looked at most . I know trade was one of them but what else did you look at to do the revision . There was a big mix in the data. The consumer was stronger than anticipated, but you had both trade and inventories come in on either side. That inventory number came in stronger and they may suggest unintentionally build inventory, draw down at some point this year and trade has been a bit softer perhaps no surprise with the strong dollar and weaker growth abroad. We know that inflation is basically came right now, thanks to the fact oil prices came down sharply today over recent months. Hiring has been very good. What do the numbers today comply about imply about the pace in america . I think the consumer is looking healthy and optimistic, well continue to have good job growth going forward. Investment spending a little bit softer but not particularly weak. So our expec as we go into next weeks job report is for a pretty solid payroll growth again. What does that mean for the fed . Your forecast of when the fed will move is slightly different than some others on the street. You dont think it will be just one move but two but later in the year. Thats right. We think the fed is likely to wait until the second half of the year before they start hiking. A minute ago, some discussion among officials whether they might want to go mid year. The labor market looking very robust. Be are down in the low 5 range at some point this year and the fed normally hikes Interest Rates but the Inflation Numbers looking very soft. What does the stronger dollar do to the u. S. Economy and i believe you said 3. 2 growth rate does it sap a percentage point of our growth or what . You look for 3. 3 next year and it does definitely put some downward pressure. It means more imports and fewer exports. So thats a little pressure and less inflationary pressure. Import prices softer as well. The feds a little more difficult, pushes further away from achieving two sides of the mandate. Doesnt it end up tightening anyway the strong dollar or not . It depends. Looks solid. 3. 3 gross for the year is nothing to sneeze at. We havent been above 3 for a while now, so thats the challenge weve been facing. Theres a lot of head winds and tail winds. Low Interest Rates, probably a stimulus as a matter of fact to the economy as well. Thank you very much. Bank of america, merril lynch global reserve. Thank you. Now to earnings and profits at chevron that fell last quarter on the drop in oil prices. Shares down though half a percent today even after the oil giant announced its suspending a soft buyback plan and cutting on projects. Isnt alone. Jackie deang has more. Reporter the oil majors have begun to report and while theyre generally beating expectations by managing costs and working on efficiencies wall street is focused on capital expenditure. Drop in oil prices taken an ax to spending not only impacts the oil hatch but the broader global economy. Chevron is the latest in the Biggest Oil Company to do so. The Company Plans to cut its spending by 13 to 35 billion this year. The plan to suspend Share Buyback program in order to conserve cash. Its the greatest reduction since 2003. The announcement by chevron that theyre cutting back on Capital Expenditures is emblem attic of whats undergone in the industry right now. Every company big and small is getting collapse and chevron getting a big signal its going across the board. Reporter while the earnings exceeded analysts expectations, the same analysts focused on revenues, down 18 from yearago levels. The bottom line is the crude oil prices is their bread and better. That will hurt them the most going forward. Theyre dependent on crude Oil Prices Higher than where they are now and the past couple of months. Reporter shell announced it would cut cap x investments and also that 2015 spending would be less than 2014. And Conoco Phillips slashed its 2015 spending by 20 to 11. 5 billion as it deals with the plunging price of crude. Now attention turns to exxons numbers on monday and bp on tuesday. For nightly Business Report, im jackie deangelis. And now to Economic News overseas and a shocker from denmark. The Danish National bank will stop selling government bonds until further notice in order to keep its currency, the crono, with the euro and it comes one day after the Central Bank Cut its Interest Rate for the third time in nearly two weeks. And in greece more uncertainty after the latest sections from newly elected far left prime minister. Greece now says it will not cooperate with its european bailout partners including the European Union and the International Monetary fund. The government has fired the heads of its state private agency after stopping the sale of all government owned assets and the problems may only deepen in russia after its central bank made a surprise cut in its main Interest Rate to 15 just after hiking to 17 . Can anything save russias floundering economy . Geoff cutmore has the latest from moscow. Reporter this is an economy thats under siege. The apparent very high Interest Rates, a continuation of western sanctions, the falling oil price, and a lot of ruble volatility. All of that means this economy will probably contract somewhere between 4 and 5 but for the year 2015. The central bank though has decided to act today. Thats taken economists by surprise. No one has forecasted 2 percentage points. The Central Banks saying they feel there is room to maneuver on the growth side now that inflation appears to be in check. This is nightly Business Report. Im Geoff Cutmore here in moscow. And still ahead, the president is asking for millions to fund a new medical Research Initiative and today, executives from Health Care Industry reacted president obama plans to ask money from congress for a Health Care Initiative as part of his proposal expected to be unveiled on monday. The effort is expected treating diseases with pinpoint accuracy and the president gave Additional Details today when he met with some of the biggest drug makers. Meg tirrell has more from the white house. Reporter invitations were mysterious. The policies would like to invite you to the white house. The drug makers including regenerators and merck and ai lum nah. Announced the 200 Million Investment in Precision Medicine medicine. Treatments for diseases created right here in the United States. Because we shouldnt just celebrate innovation. We have to invest in innovation. Reporter so what is Precision Medicine . Its described as the right treatment for the right patient at the right time. Therapy is more tailored to the underlying drivers of disease. The government will start with initiative on cancer driving understanding of its root causes to spur drug development. It will also build a National Database of Health Information on at least a million volunteers. With everything from genetic data to Health Records to lifestyle habits. Jor gee leads at regeneron. Using research to drive drug development, a method that led to pcsk 9 inhibitors aimed at lowering cholesterol. If we define what makes us more susceptible to disease or keeps us protected against disease, we can use that. We can use that to come up with medicines that mimic these mutations and possibly in the case of pcfp 9 possibly help millions of people be the equivalent of genetic superstars now protected from disease. Reporter he warns though this kind of work takes time. Science unfortunately takes a lot of hard work and takes long periods of time a biological timeline. But this vision and foundation can be built here by the president s efforts here by Companies Like us can really contribute to making a difference. Reporter the response across the drug industry has generally been positive. We spoke with the ceo of armix pharmaceuticals who said its potentially historic. For nightly Business Report, im meg tirrell in washington. Mastercards profits surged in Fourth Quarter. Thats where we begin the market focus. Credit card company saw earnings rise by about 30 on increased Consumer Spending meaning more swipes mastercard also bought back about 2 million shares worth of stock during the quarter. The stock was up fractionally today to 82. 03. Xerox posted earnings that topped forecast revenue came in slightly below because sales of printers fell. The company hiked its Quarterly Dividend to 7 cents a share. The yield on that dividend that converts to about 1. 9 but investors werent too happy with the companys decreased profit outlook and shares were off almost 3 on this down day. They finished at 13. 17. Eli lilly also out with earnings beat revenue that missed slightly. The drug maker way down by the patent expirations with negative impact of currency moves. Shares there off slightly to 72 even. The west coast port slowdown weve been telling you about is weighing on tyson foods. The company said the issues are starting to back up meat shipments and could affect livestock producers if resolved soon. Shares were down almost 3 to 39. 04. Altria group lower costs for paying down debt. Offset a decline in cigarette sales and helped the Company Post Better than expected revenue. Stock fell more than 2 to 53. 10. Costco announced a special onetime dividend. The wholesale club payout is 5 a share which will cost the retailer more than 2 billion. The yield on the payout is about 1 and it will be paid at the end of february. Shares rose more than 1. 5 to 142. 99. What a day for shake shack. Upscale burger chain exploded after pricing last night at 21 a share. Two bucks above the top of the range. Heres what happened. Shares shot up 118 today. They more than doubled. 45. 90 was the close on the day practically Everything Else lost money. What do so many diners and investors crave the cook to order burgers and crinkle cut fries . Whats next for the fast casual chain. Reporter danny myers shake shack may have started as a literal hot dog stand in Madison Square park more than a decade ago but since grown into a worldwide brand after making Madison Square garden location permanent in 2004 it took the company five years to open a second store. From there, its grown rapidly to 63 locations around the world. The burger joint is also known for its crinkle cut fries and custard with higher prices than a mcdonalds or burger king its in the fine casual space. That makes its real competition the likes of chipotle and five guys equally popular with the millenial crowd. The question now is whether people line up to buy this stock the way they do shake shack burgers. From the investment side theres an appetite definitely. Whether or not the company will replicate the craze or all the attention its received in the new york metropolitan area is to be seen. Were hungry. Were here for a real estate conference and weve heard about the shake shack. I like their burgers because theyre not too thick and not too thin. Awesome burgers at a fair price and local favorite. We try to get in last night and the line was around the block. What dont you like . I like the burgers. The shakes i mean the quality really comes down to the quality. Reporter that enthusiasm from customers earned shake shack more than 82 million in revenue in 2013. But same store sales have been declines over the last three years and some analysts expressed concern whether store growth is sustainable. There really arent a lot of great growth names in the consumer cyclical space because of online sales growth. It has opened up the door for a lot of restaurants to get into the space, however, with the increased competition, i think there will be barriers to how the concepts grow. Reporter shake shack said its not slowing down anytime soon aiming to open 450 new shacks in new and existing markets in the next two years. In new york city for nightly Business Report, im kate rogers. Our market monitor said for the past five years, february has been a good month for stocks and he thinks that trend will continue this year. Joining us is jamie cox, managing director with Harrison Group and more than 60 million under management. Nice to have you here, jamie. Yes hi sue. How are you . Good thanks. A rough day on the market today in almost every sector and do you believe the adage that as january goes so goes the rest of the year or no . I tend to. I mean that has been sort of the trend over the last however many times weve cited it, but i dont think this january has been bad today but all month. A terrible month. A lot of crisscrossing data. A lot of really interesting things happening like qe in europe. I think that we could probably throw this one out because i think there have been so many things that typically dont happen in january that happen this year. I think for once this may not indicate the trend. A lot of things caused volatility this month. Especially volatility to persist or do you think that some of those disruptions are behind snus. I think were just gearing up for the volatility for 2015. I mean if you think about it what hasnt happened that will likely happen this year to cause volatility . Thats the fed raising shortterm rates. Its going to happen. We saw what happened back we even discussed it a couple years ago. Markets were all over the place. I think were living with it until the fed raises rates once. Once they do and we get used to it i think the volatility will come down but until then, well be be zigging and zagging. More than u. S. Markets this year. Quickly, before we get to your stock picks, where internationally would you go . I think there are tons of opportunities in europe. European equities are going to be a real darling relative to u. S. Equities. If you look at the last two years, s p 500 is really outperformed the Morgan Stanley all world index. Thats going to change. You can actually buy the index that can get you International Exposure or dive into europe to get utilities, automotive companies, volkswagen. Many that dont appear in the United States. Why dont we start with a Utility National Grid which is one of your picks, which has european exposure . Yes, it does. Utilities have been sort of the sector of the year if you will but theyre terribly expensive right now. P. E. Is over 20 and dominion resource 25 p e. Its a great place too find if you look for utility exposure in your portfolio and afraid to be overwalged in the sector. I think its a good spot. Northeast exposure in the United States and also in the u. K. Give you plenty of opportunity to grab some Revenue Growth and stable cash flows for a dividend that can increase as well as have some share appreciation in the short run. J. P. Morgan next on the list. Do you think its been punished unnecessarily by the market . Oh my gosh. Banks have just been hammered in january. I mean j. P. Morgan was over 60 at the start of the year what 54 right now. Its even more attractive than it was then. It was cheap in the 60s. What were having with banks is the result of some stress tests ongoing right now and also if rates rise in the coming couple of months the yield curve, excuse me the Net Interest Margin will actually go up for banks and very positive. I think the future is bright for banks but with yields dropping the ten year note the Net Interest Margins down. Its a terrible time to be in banking. But as they rise it is a good time to be a purchaser of banks. Give me a 30 second pitch on google. Your third choice. Google is the at t of our day. Youre going to look back ten years from now and youre going to be its a wonder of what google can do. Its in every single home in america, every single you know the search possibilities of google are unlimited. People are sort of captivated by apple right now but the company with the staying power for decades down the road is google. If you want a good investment thats the place to be if you look for big cap ten. Thank you so much for joining us. Great ideas there, jamie. Have a good weekend. Jamie cox with harris financial group. Coming up finding the fakes while fans focus on the super bowl special agents. Cracking down on fountcounterfeits and the big money behind thes there were a lot of winners in the governments latest auction of wireless spectrum use. Basically to send video and data to mobile giesdevices. Uncle sam netted 45 billion in the space and at spent the most more than 18 billion. Dish network spent over 13 billion and it doesnt even have a network quite yet for wireless services. Verizon did 10. 5 billion and t mobile spent nearly 2 billion. Two days and counting until the super bowl the biggest day of the year for players, fans, and for officials looking to crack down on counterfeit football merchandise. Dave briggs has more from phoenix. Reporter new England Patriots and Seattle Seahawks have traveled to arizona for the biggest game of the season. So too have agents from the department of Homeland Security intent on cracking down on counterfeit super bowl mercha been hearing thistive initiative for a week. Seized items with msrp of 100,000. Reporter licensed sport apparel a 3 billion business a year for a third of the leagues an youll revenue but also a target for criminals. Last year federal authorities seized more than 300,000 counterfeit items valued at nearly 20 million. Were thinking of the package, identified possibly containing possible merchandise. So were going to go in here for the package. Reporter while agents are focused on phoenix today, counterfeiting is a national problem. I think when it affects the economy of the United States i think we all have to agree its not just a local issue. Reporter buying fake merchandise takes money away from the local businesses that sell off empty goods. That hurts local economies which hurts the country as a whole. Worse, say officials the selling of counterfeit goods is often tied to larger criminal activity. That profit filtered back to other organizations, either domestically or internationally to fund various types of criminal activity. Reporter while many counterfeit items look deceptively authentic, the best rule of thumb is if it looks too good fb true it probably is. For nightly Business Report, da briggs in phoenix, arizona. That does it for nightly Business Report tonight. Im sue herera. Thanks for watching. Thanks from me as well. Im tyler mathisen. Enjoy the ball game. Well see you here on mond. Its all right, its okay doesnt really matter if youre old and gray its all right, i say its okay listen to what i say its all right, doing fine doesnt really matter if the sun dont shine its all right, i say its okay were gettin to the end of the day