Bernardino was an act of terror. All three events, a changing of the Macro Economy and the fight against terrorism, will play out over the long term. All three weighed on investors minds today. By the close the Dow Jones Industrial average slid 252 points to 17,477. The nasdaq fell 85. The s p 500 dropped 29. Steve liesman takes a closer look at the events that kept investors on edge. Reporter concerns gripped markets today from two completely different sources. In frankfurt, germany the European Central bank announced a sweeping new round of easier monetary policies that nevertheless fell far short of market expectations. It strengthened the dollar, sent bond yields surging and weighed on stocks around the globe. And then in the early afternoon new details emerged about the horrific shootings in San Bernardino. Increasingly the event looks less domestic and more potentially international, with nbc reporting one of the suspects had been radicalized. Fed chair janet yellen was asked about the potential economic effects of terrorism in her testimony before the joint Economic Committee today. Those risks are ones that we watch very carefully, and i would agree with you that it does have the potential to have a significant economic effect. I would not say that i see a significant effect at this point. Reporter yellen gave every impression that despite risks and concerns that might be out there, including a stronger dollar and weak overseas growth, the committee looks ready to hike. Her comments follow an Ecb Press Conference where president mario draghi laid out new measures to ease and stimulate the european economies. They included by extending by six months the minimum amount of time the ecb would buy bonds and broadening the kinds of bonds it would buy. They also cut Interest Rates another ten basis points, down to negative 30. But it wasnt enough. Markets wanted more and expected more and the euro surged against the dollar. Stocks fell. Then draghi faced a barrage of questions from reporters, had to defend his moves, saying they were adequate to the task. We are confident that these decisions actually are adequate to achieve our objectives. I dont think our communication was wrong. I think these measures need time to be fully appreciated. And we will see. Reporter draghi speaks in new york tomorrow and markets around the world will follow his every word, as they will the increasingly awful news of San Bernardino. And they will weigh those events against a november jobs report that should show employment in the United States is relatively healthy, likely prompting a fed rate hike. For nightly Business Report im Steve Liesman. And asteve just reported, the stock market took a leg lower today on reports that one of the suspects in the San Bernardino shootings had been radicalized. In contact with People Holding islamist extremist views. Jane wells has been covering the story and has more on todays developments. Hi, jane. Reporter hey, tyler. We are now right across from where this massacre happened. This is the building behind me where those 14 people died, where 28yearold syed farook was vague Holiday Party with coworkers. Police say he left and then returned at some point with his wife, tashfeen malik, dressed in Tactical Gear and began opening fire. We have video shot a short time ago of people bringing some flowers. Escorted by chaplains. They tell us that the woman who was very emotional, her fiance is one of those who died in this. And as we show you video of the scene here yesterday right where im standing now behind me, a total of 14 people killed. They have now said 21 people were injured. Two dead suspects. As we show you where they were killed. They died in a shootout with police in a rented suv that they were supposed to return yesterday. Hundreds of rounds exchanged there in their car and in the house the two of them were renting thousands of rounds of ammunition. A total of 15 pipe bombs including three which were here at the original scene, and police had to neutralize those last night before they could even start to extract the bodies. What we do know is as nbc news is reporting, that syed farook had traveled abroad, he met his wife abroad, brought her here. Shes from pakistan. Hes a u. S. Born citizen. And that while he was on nobodys radar, he had been radicalized to some extent and was meeting with people who are on the radar. Still, tyler, the fbi will not characterize this as terrorism yet. They have their hands on computers, thumb drives, cell phones. Theyre going to try and piece this together. The two had a sixmonthold daughter which they left with his mother yesterday morning, saying they had to go to the doctor. Were not sure where that baby is now. But police say that the farooks relatives have been cooperating, they have been interviewed, and while Police Believe the situation here is safe and that the two shooters are dead its not clear if anybody else knew about this and may have helped in some way. Many, many questions. Back to you. That is certainly some part of the ongoing investigation. Early today, jane, you recited some remarkable numbers about the arsenal that was discovered in that home in i believe its redlands, california. You remember some of those statistics. It was truly mindblowing. Reporter in the home there were a total of at least 4,500 rounds of ammunition either for the assault, semiautomatic rifles they had or for the semiautomatic handguns. There were 12 pipe bombtype devices is how Police Describe them. There were tools to make i. E. D. S. There was a lot of stuff in this home where the two of them were renting, and in the suv in addition to the 4,500 rounds at least in the home, in the suv there were 1,600 rounds. As for the guns, Police Believe they were all legally bought. They are common. They are common sporting rifles or handguns. But in this case of course, it was used obviously to deadly intent. All right. Jane wells in San Bernardino. Thank you. Well, in light of what weve just told you about, is it time for longterm investors to shift their strategies and start taking on less risk . Hugh johnson joins us. Hes chief Investment Officer of his own Money Management firm. Hugh johnson advisers. Hugh, this is a great night to have you here because i know you take a long yesterm view and i think you can give our viewers some great advice. So if i am a longerterm investor, given the changing Global Environment on many different levels, what would you do right now . Well, first of all, i wouldnt get too caught up in daytoday events. Certainly, there were a lot of surprises today with the European Central bank, what draghi did was a little bit of a surprise. It wasnt quite as much as wed expected and certainly the events in california were very, very much a surprise. When you get that kind of surprise, sue, you get a lot of volatility and significant declines in the stock market. What im simply saying is dont get caught up in the daytoday volatility of the markets. Take a longerterm point of view. I think if you do that, sue, quite frankly im trying to ask myself the question is there any reason to really change my now somewhat positive but cautious on the basis of valuation, but somewhat positive view about where the stock market economy and Interest Rates are going. And im not going to change my view based on what ive seen today. What ive seen today was a surprise, but im not changing my view. But can you blame, hugh hugh, you and i have known each other a long time, which speaks more to our age than anything else. But can you blame individuals who are sitting there and looking at the three factors you mentioned, the European Central bank dont know how thats going to play out. The Federal Reserve. Dont know how thats going to play out. And now the possibility that this individual or those individuals involved in San Bernardino were some kind of domestic terror cell. Can you blame them for wanting to step back and say hey, i want to wait and see, i want to take some money off the table . No, i cant blame anybody for being a little bit frightened by this. It even frightens me. But i think if i do back away and i continue to do a hardboiled analysis of the current state of affairs, you know, weve known about the divergence in monetary policy. We know thats going to put upward pressure on the dollar. We know thats going to hurt exports. Weve known about that for some time. Terrorism is not new. Coming to our shores is perhaps a little bit new. Its gone global. And that to some extent means maybe you have to take a look at companies such as a raytheon or northrop or a lockheed martin. Add those to your portfolio. But as far as changing your basic strategy, i wouldnt do that. But i certainly understand when somebody gets scared by these events, theyre new and they want to step back, hold the line for the time being and see it settle down. I certainly understand that, and thats just fine. Very quickly, you also like lowes, hugh, in Consumer Discretionary and in Technology Apple and google. So you do see some value in the market. Well, i see some value in the market. I see some value in those names. And those names are in our portfolios and wed add to them. I think my only concern right now as far as the market goes is that its a little bit overvalued. Weve come from being very overvalued a couple of days ago down to being fairly valued. But youve got to pick your entry points. In my judgment a good entry point is going to be lower than we currently are. So exercise some patience. Exercise with discipline. And if you want to sit it out for a couple of days because youre concerned about the changing events as tyler points out, thats just fine too. But again, a lower entry point i think is what you have to wait for. Thank you so much, hugh. Good to see you again. Hugh johnson with johnson advisers. And still ahead, the great divide. Why opecs meeting tomorrow is expected to be more contentious than ever. As Steve Liesman reported earlier, tomorrows employment report is expected to reflect a healthy job market. And today the number of americans filing for Unemployment Benefits last week remained at a level consistent with a strengthening job market. A separate report from Outplacement FirmChallenger Gray christmas says layoffs last month were at a 14month low. Hampton pearson takes a closer look now at tomorrows employment report. Reporter ahead of the november jobs report the Labor Department says firsttime unemployment claims actually went up last week but the less volatile fourweek moving average declined by 1,750 jobs to just over 269,000, an historically low level. Earlier this week a closely watched survey of private sector job growth forecast an increase of 217,000 new hires, the most jobs in five months. On capitol hill today fed chair janet yellen was accentuating the positive about jobs and the overall economy. We want to see the economy being on a path where well continue to erode that labor market slack over time. So well be looking very carefully at that. But we cant overweight any particular number. We need to be looking at underlying trends in the data and not overweighting any number. Reporter in october employers added 271,000 jobs. The biggest monthly increase this year. And headline unemployment fell to 5 . The november Consensus Forecast projects 200,000 new jobs and a steady unemployment rate. But there are potential speed bum tops job growth. New datefrom at institute for supply management shows a showdown in both manufacturing and the Service Sector. It turns out Service Sector businesses last month grew at their slowest pace since may. And services have been an engine of job growth, adding 2. 5 million jobs. 85 of jobs created according to the Labor Department. Still leading economists say the overall job market is robust. Unemployment is at a sevenyear low. And wages, while stagnant, are finally showing some signs of improvement. Trends, the economists say, that support a change in monetary polts at the fed. I think were getting very close to full employment. I think it would be prudent for the Federal Reserve to start to normalize monetary policy. Reporter tomorrow could turn out to be the most important jobs report of the year, coming just two weeks before the Federal Reserve meets to decide if now is the time to raise key shortterm Interest Rates for the first time in nearly a de. For nightly Business Report im Hampton Pearson in washington. New orders for factory goods bounced back in october. This follows two straight months of declines. The Commerce Department reports that new orders for manufactured items rose 1 1 2 on rising demand for transportation equipment. But the overall Manufacturing Sector remains pressured by a strong dollar and a cutback in spending by the energy sector. Oil prices rose today, recouping all of yesterdays losses. The dollar fell sharply against the other major currencies after the ecb disappointed the market with the amount of stimulus it announced and the falling dollar increased demand for most commodities including domestic crude. At the settle prices rose nearly 3 to 41. 08. Despite the rise today, Oil Prices Remain relatively low. That will be the main focus of discussion at tomorrows gathering of the Largest Oil Producers in the world. But will it be enough for the cartel to act . Jackie deangelis takes a look at what to expect from tomorrows big opec meeting . Reporter for oil prices its a moment of truth. The last opec meeting of the year tomorrow. The event that global Oil Producers and investors have been waiting for. Consensus going in is that there will be no cuts to production. The cartel is expected to stand firm, to cope with low prices and to maintain market share, to force other players to reduce their output. Do they have a choice . Profits have been lost in a lowprice environment, creating a need to pump more product. Propelling a vicious cycle that will only contribute to the current oil glut. Opecs inaction could be the action. In other words, that if they dont cut, other countries wont cut either. And youll have a world thats even more awash with oil and prices will trade lower. But could there be a mutiny coming inside the cartel . Countries like venezuela and ecuador are choking on low oil prices. Saudi arabia has more tolerance to wait it out. Theyre struggling right now. Theyre struggling to pay their bills. And i think that whats happening is and what you see with opec is theyre producing 31. 77 Million Barrels a day on a 30 million quota. Thats other countries cheating because they cant get the revenue they have from past oil prices. So as the price drops they have to produce more. Reporter the iranians, theyre planning to bring 500,000 to a Million Barrels a day online as soon as they can. Saudi arabia has said it will cut production but only if all producers cut. That means the u. S. And russia too. Cooperation like that is hard to come by. Yet theres always a chance that opec goes rogue, and thats why crews are steady into the meeting. But many think investors will sell on the news and into the end of the year. For nightly Business Report im jackie deangelis. Kroger beats and hikes guidance. Thats where we begin tonights market focus. The grocer increased its profit estimates as sales rose in the companys most recent quarter. The firm said the performance shows signs that Consumer Confidence is still strong. Shares rose nearly 5 to 39. 91. Costco reported samestore sales for november that were basically flat but that was better than forecast, which was for declines. The stock was more than 1 1 2 higher to 163. 67. Sears saw its revenue fall 20 in its latest quarter. This as apparel and Consumer Electronics sales declined. The company also said it plans to continue to take significant actions to alter its capital structure and position it for profitability. The shares tumbled 7 , or nearly so, to 19. Avon is in talks to sell its north American Business to a private equity firm according to dow jones. This comes as the Cosmetics Company has been under activist shareholder pressure. Shares rose nearly 7 to 3. 99. Express saw earnings rise 80 in the companys latest quarter, and it hiked its guidance for the year. The clothing retailer offered fewer discounts, and that turned into higher profits. Shares were 6 lower nonetheless to 16. 33. Mixed quarterlies from dollar general. The companys core Customer Base spent less. But Bottom Line Results were better than expected as the company kept its costs down. The stock up 4 in this otherwise nasty day. It fini