UPI NewsTrack Business

Markets tumble on weak data

NEW YORK, June 15 (UPI) -- U.S. markets spun around and headed lower Wednesday after weak economic data and turmoil in Greece sent negative signals to investors.

A report from the New York Federal Reserve showed manufacturing activity in the Empire State contracted in June with the headline index falling 20 points to minus 7.79.

The federal government said consumer prices rose 0.2 percent in May compared with April, but core prices -- a measure that excludes food and energy costs -- rose 0.3 percent, the largest increase in three years.

In Greece, Prime Minister Papandreou offered to step down as protests over austerity budget cuts brought protesters into the streets.

By close, the Dow Jones industrial average gave up Tuesday's 123 point gain and more. The DJIA lost 178.84 points, 1.48 percent, to 11,897.27. The Standard & Poor's 500 index lost 22.45 points, 1.74 percent, to 1,265.42. The Nasdaq composite index of tech-dominated stock lost 47.26 points, 1.76 percent, to 2,631.46.

On the New York Stock Exchange, 487 stocks advanced and 2,592 declined on a volume of 4 billion shares traded.

The benchmark 10-year treasury note rose 1 5/32 to yield 2.967 percent.

The euro fell to $1.4163 from Tuesday's $1.444. Against the yen, the dollar rose to 81.04 yen from Tuesday's 80.49 yen.

In Tokyo, the Nikkei 225 index added 0.28 percent, 26.53, to 9,574.32.

In London, the FTSE 100 index lost 0.95 percent, 55.08, to 5,748.05.

Judge orders Rothstein to face questions

MIAMI, June 15 (UPI) -- A U.S. bankruptcy judge in Florida has ordered convicted fraudster Scott Rothstein to stand for questioning by some of his creditors.

Rothstein is serving a 50-year sentence for racketeering, fraud and money laundering, the South Florida Sun-Sentinel reported Wednesday.

He is being held in an undisclosed location for his own protection, as his case involves connections with organized crime.

Judge Raymond Ray said Rothstein "is an important witness who should have personal knowledge of many issues in the case."

Rothstein allegedly swindled investors out of $363 million in a Ponzi scheme that amassed $1.4 billion, the newspaper said.

The federal bankruptcy court is seeking to resolve the finances of Rothstein's former law firm, Rothstein Rosenfeldt Adler.

On Tuesday, former law partner Howard Kusnick pleaded guilty to one count of conspiring to commit wire fraud, which carries a minimum sentence of two years in prison, which the judge can waive.

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