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Nightly Business Report

Tom Hudson, every night REPORT ANCHOR: What is the significance of the decline in stock prices? And a look at a bright, like a hot new tech stock hits the market.It `s Nightly Business Report for Wednesday, June, 15.

GHARIB: Good evening.

U.S. stocks received a double blow today: new concerns about the U.S. economy and growing concerns about the debt crisis in Greece. There were violent demonstrations in Athens government cutbacks to prevent a default on the Greek debt.

And, you know, Tom, European leaders have also failed to agree on a new rescue plan for Greece. And the country `s Prime Minister has proposed a new government and offered to resign. A lot going on.

HUDSON: A lot going on abroad and also here in the U.S., Susie, when investors were treated disappointing news on U.S. inflation and U.S. manufacturing. The index of consumer prices gained more than expected last month and the basic prices, excluding food and energy, rose more than three years. In addition, a regional report on the manufacturing conditions of this month came in below expectations, showing that new orders are down.

So here `s how it all plays on Wall Street, the Dow Jones Industrial Average tumbling 178 points, the Nasdaq lost 47, the S & P 500 down 22.5.Now the bond market, prices rose, there were buyers pushing the yield, the interest rate on government bonds of 10 years less than 3 percent.

GHARIB: Now Standard & Poor `s economist Beth Ann Bovino said today` s consumer inflation report could also rattle the Federal Reserve.

Bovino: Of course, this is something that `s having to worry about the Fed, because you` re looking at today - you `re looking at year on year, which is what they are looking in particular It `s more transient.The Fed can `t really say that - that core inflation - an increase in core inflation is transitory, which is what they` ve always said, of course, with energy and food prices.

GHARIB: Now Bovino called the United States