Today it became more important after the Federal Reserve gave the clearest indication that the central bank could potentially raise Interest Rates again. In its released minutes most of the members say they are ready, they just need the economy to cooperate and that sent stocks on a wild ride with the dow moving 200 points in 45 minutes. By the close the dow index was off three points and the nasdaq rose 23 and the s p 500 was up fractionally. We have two reports tonight. Steve reports from the Federal Reserve on the minutes of the Central Banks last meeting. Reporter the u. S. Federal reserve strongly suggested the possibility of a june Interest Rate hike if the Economic Data improved as expected. In fact, in the minutes to its april meeting are he leased today they said some conditions had been met including a stablized dollar and diminished global risks. Many members expected other conditions to be in place. That meant further evidence the economy would rebound in the in the first. From the weak if the conditions were met it would be appropriate for the committee to increase the target range for the federal funds rate in june. Not all were convinced. Several members were concerned about risks for a persistent slow down and weak inflation and weak overseas growth including the exit of britain from the European Union but the minutes indicated the feds discussed an april hike and some supported the idea. The fed decided to keep the options open for a june hike. Some worried the market was prepared for a june rate rise. Theres going to be attention paid to speeches by the fed chair and the president. Theyre seen as leaders and their comments would go a long way to convincing markets the fed could move as soon as next month. A choppy day of trading on wall street as traders are bracing for rate hikes that could sooner than many at expected. The dow was up over 100 points ahead of the release of the minutes from the april meeting. When those minutes were released it showed that the Federal Reserve would consider raising Interest Rates in june if the data supports such action. That sent stock prices lower and the dow dropped more than 100 points. It put pressure on treasury prices and the dollar rallied and that put pressure on gold and oil. There was pressure on rate sensitive sectors but it benefitted as banks would like to see higher shortterm rates. The rally we saw was not nuenou to drive the dow back to the green and the nasdaq that dropped during the session recovered. All in all a mixed two flat sessions for the market after a choppy day. Im Mary Thompson for the nightly business report. Johnson and johnson are trading near all time highs on the pharmaceutical businesses. It closed slightly lower but with a growing threat of la over the talc product investors want to know how they plan to grow the rest of the business. Reporter johnson and johnson makes some of the worlds most iconic brands. But the companys growth in recent years has been driven by the Prescription Pharmaceuticals so today it met with analysts and investors to chart out a plan to grow the rest of the business. Weve been looking at our portfolio because while were excited about the investments in the future we realize in other areas we needed to be more effective and we see the Business Model changing with the medical devices and making sure were organized the right way for emerging customers. Reporter they say they plan to apply for approval of more than 20 new products in Hospital Medical devices over the next two years. In its consumer focus medical device units which they say the near term pipeline has 2 billion in sales potential. The medical device business brought in 25 million last year. They say they have three brands worth 1 billion today. By 2020 it says it will add two more brands to that list. Tylenol is part of the companys overthecounter medicines unit thats still recovering from recalls in 2009 that wiped out twothirds of the units revenue. Both businesses are still growing roughly at 2 so theyre making the case today the device consumer pieces are going to accelerate and try to close that gap. Reporter the company has been battling a series of lawsuits alleging its talcum powder is linked to cancer. Were disappointed in the findings and we have empathy for the families, but in this case we think its inconsistent with more than 100 years of experience with powder and more than 30 years of very compelling clinical evidence. Reporter they say they plan to appeal. Meanwhile analysts focus on growth which many expect to see in acquisitions. For nightly business report. Cisco issued a solid outlook. The company has a demand for Corporate Technology reported earnings of 57 cents a share. Revenue was in line with estimates at 12 billion, though slightly lower than a year ago. That outlook helped lift shares. Reporter theres a reason why a lot of investors still Pay Attention to earnings, its because they make the stuff that many call the backbone of the internet. The company is seen as an indicator of spending on technology by companies and governments around the world, but what theyre looking to do in the future is different than how it got to where it is today. In instead of focusing on hardware it wants to transition to software and Data Management services. Many of which can be done on a subscription basis so the company gets more regular and recurring streams of revenue. Two of the fastest businesses are the ones that provide video and Computer Network security. Theyre measured by sales, but theyre ones being touted as a bigger part of the future of the company. On the cautious side of things the ceo said hes seen a fair amount of caution coming from the companys customers. Now its about whether investors view the story as bright enough to break the stock out of a trading range its been stuck in for some time now. In washington new rules will expand overtime pay for millions of workers. Beginning later this year anybody making a salary of nearly 47,500 will qualify when they work more than 40 hours. Thats about double the current level. According to the labor secretary its what business and consumers need. I think what this is going to provide for employers is clarity and what its going to provide for workers is either more money or more time with their family and for us what it does is it fortifies the basic pillars of Worker Protection which is middle class jobs should pay middle class wages and when you work more you should be pay more. The overtime threshold was last up dated in 2004. Trade tensions are the rise between the u. S. And china. The department of commerce has slapped a 500 duty on Steel Products which is used to make appliances and cars. They are demanding the removal and urging the u. S. To fix the mistake. China produces about half the worlds steel and last month u. S. Steel accused Chinese Companies of breaking trade rules. Shares of steel all traded lower today. On this fourth anniversary of facebook going public, the social Media Company is hosting a summit of conservative thought leaders to discuss allegations of political bias of the website. The claims that the news feed has sensored certain topics surfaced last week. Good evening. What is facebook hoping to accomplish with this . Reporter the first thing want to do is stop the bl theyve taken a beating on social media and Mainstream Media over the story, even though theyve denied the story and said theres no political bias and the original story was based on unnamed former facebook employees and quoted just on one website. This has taken off into a National Discussion and facebook wants to see if they can button that up by having the conservatives come in and broadcast that out to the community. What do the attendees want out of this. Reporter they want to broaden facebooks conception of what diversity means. When you look at the list of who is actually going to this meeting, there are a lot of tv pers personalities here. Media. You see glenn beck from the blaze and jim from the Heritage Foundation and a conservative commentator, all of those people will go out to their audiences and retell the story of this facebook meeting that happened today and get those audiences engaged. Thats what facebook is hoping to do here is get conservatives talking in a positive way about facebook. Well see if that happens. As i understand it one of the reasons this is so important to the conservative attendees is because so many people tend to get their news exclusively from facebook, correct . Reporter sure. Facebook is huge. Its dominating the lives of americans and people around the world who consume news and conservatives have long complained that Mainstream Media outlets have a liberal bias and theyre now seeing that they have to Pay Attention to social media as well and when you look at the top leadership at facebook there are people with well known liberal views who are running that company. This is an opportunity for the conservatives to say you may be personally a liberal but wed like you to make sure your platform is open to the arguments and thoughts and news of all people here. Thanks. Still ahead costly regulations, what Home Builders have to go through to do what they do best, build. The lowest Mortgage Rates in years was not enough to get home buyers to take the plunge. Total application volume last week well 1. 5 from the previous week. Refinancing applications increased slightly while a applicatio for new purchases fell. It is the doubleedged sword in housing. Theres huge demand for entry level housing and little supply. You would think that would present a big opportunity for Home Builders but its not. We explain why from california. Reporter it is being called the last sea Side Development in Southern California and the poster child for how increasing regulations are stifling builder productivity. I would say its more expensive to develop master plan communities today than ever before. Reporter sea summit is finally open, building and selling luxury Million Dollar homes. This, 40 years after Developers First looked at building here. There are a lot of requir we had to go through to get the project approved. Reporter taylor purchased the project two years ago for 200 million after Previous Development had stalled. The plan is for 300 homes here. Decades ago they could have built twice as many on this land. Every time you turn around theres a new regulation. Reporter regulations that are now costing home buyers 30 more in the Purchase Price of the home than they were just five years ago according to a new study. Much of that is due to higher land costs resulting from regulations on development. These costs are passed on to buyers as builders not only raise prices, but focus on higher end homes. Add it up and the cost of regulation is rising more than twice as fast as the average home buyers ability to pay for it. A lot of good things to protect the environment, but its making building Affordable Homes impossible. Reporter extra costs that didnt exist a decade ago. I think what cities and counties are looking for is for the project to make a significant contribution beyond just the homes to the city in which the project is located. Reporter here taylor had to build four new parks, miles of s a plant new vegetation on 100 acres of open space all of which pushed the costs higher. They would love do entry level but they need to be able to make money doing it and its getting harder to build a home for less than 250,000. Reporter so more Million Dollar homes go up in areas where they can sell like this one and the rest of the nation struggles under tight supply and rising prices for the few starter homes for sell. Beautiful. To read more about new regulations for Home Builders head to our website. Target warns of a slow down in sales and thats where we begin tonights market focus. They saw a drop in revenue and earnings for the latest quarter as unseasonable weather and Lower Consumer spending hurt results antd the impact of e weakened spending is expected to continue as the Company Sees Sales to be flat to down 2 . Shares fell over 7. 5 to 68. It was a different story over at lowes. There was solid revenue and growth. Strong demand for home renovation products lifted results and sent sales up more than 7 . In addition the Company Raised the Earnings Guidance up. The new York Department of Financial Services has subpoenaed landing club with business practices. This launches the third investigation. According to a report from the wall street journal this most recent investigation is unrelated to the lending club ceo. Shares were up 11 . Oil producers apache saw its shares rise today after a report said a rival will buy the company in a deal believed to be about 25 billion. However, it said it had no knowledge of this news while apache declined to comment. Shares were up. Auto makers tesla said it will sell about 2 billion of its stock to help expedite production. Shares will be offered to the public by the company while the ceo will sell the remaining shares to cover tax obligations. The news sent shares down initially. Southwest airlines is hiking its dividend to 10 cents up from 7. 5 butts its buying back 2 million worth of shares. The Airlines Pilots and flight attend ants protested that they havent received a pay rise or updated contract in several years. Shares rose to 42. 90. Its a story weve been telling you about and today it was another long and frustrateding one for millions of americans traveling through some of the busiest airports. Many had to wait in lines that lasted more than an hour and airports will be more crowded this summer. Reporter 6 00 a. M. And the long wait begins. These people spent more than an hour in the tsa security line. In all my years in chicago we end up five or six blocks, how did we get to this point . Its crazy. Whats being done . Terrifying. Brutal, chaos. Im nervous. We have two hours to go so pretty nervous but hopefully well make it. Reporter their fare of missing a flight is real. Sunday dozens didnt get through security in time to make a flight. Tsa blames the lines on budget cuts for how many officers are staffing checkpoints and more people are flying and with many taking carry on bags checking people takes longer, but should travelers spend two to three hours in line . The man who runs the department of Homeland Security which oversees the tsa says that wait is too long. Obviously waiting three hours for what may be a two hour flight or a 90 minute flight is not unacceptable and its not a good thing and it would tax patience. Reporter a new report warns it will be more crowded this summer. There is a prediction a Record Number of people will fly in the u. S. In june, jeweluly and augu. After enduring security lines so long that some in Congress Want private companies to take over Airport Security and eliminate the tsa. Tsa cant get it right. It hasnt got it right. They cannot they cannot recruit or trainer retain and they certainly cant administer that workforce. Reporter with the tsa under fire its hoping more staffing and overtime will shorten security lines. Here in chicago more than 250 new tsa officers will be added by mid august but until theyre hired and trained the airport is warning travelers get here well before your flight just to make sure you make it through security. Nightly business report, chicago. Coming up as more people eat organic why arent more farms growing organic foods, what one company is doing to change tha heres a look at what to watch for tomorrow. Walmart reports earnings and inesters will look to see how the retailer is fairing. Well find out how Many Americans filed for unemployment and a officials are expected to speak. Soda makers must include Health Warnings on advertisements for soda and suggear added drink in san francisco. This after a judge declined to halt a new law that goes into effect in july. San francisco will be the first to require such warnings. Againicly engineered crops are safe for humans and animals to eat. Thats the finding from the National Academy of science which says gmo foods have not caused increases in cancer, obesity or autism. The Group Reviewed studies and data covering 20 years. The report concluded these crops have saved farmers money but have not increased yields. More people are eating organic but it takes a long time and a lot of money to convert a traditional farm to an organic one. We look at what one company is doing to ease the burden on the farmers and meet the demand. Reporter the whole country is going organic except for americas farms. While organic food is a 39 billion industry less than 1 of u. S. Farmland is certified to grow organic food. Why . Its a hassle. They have to get new infrastructure and that may involve new equipment. Reporter a conventional farm