Concerns about Greece's commitment to following the strict financial terms of a second bailout sent the markets down to a lower close with the Dow tumbling 97 points to 12,780. Nasdaq dropped 16 points to 2915.

On the upside

The Wall Street Journal reported that Avon (NYSE: AVN) made overtures to HSN chief executive Mindy Grossman to lead the beauty products company.

Alnylam Pharmaceuticals (Nasdaq: ALNY) priced its public offering of 7.5 million common shares at $10.75 per share.

Fourth quarter earnings slipped for Cimarex Energy (NYSE: XEC) but the company announced production increases in 2012.

On the downside

Powerwave Technologies (Nasdaq: PWAV) fell to a loss for the fourth quarter.

SouFun (NYSE: SFUN) reported sharply lower fourth quarter earnings as expenses climbed.

An appeals court will decide whether Bank of America's (NYSE: BAC) $8.5 billion proposed settlement for its mortgage backed securities liability remains at the state court or falls under federal review.

In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 813.