Re-check and make sure all the files got uploaded for PHP-Nuke. Don't trust your FTP upload log file.
The only few times I have seen that was when I didn't have all the files uploaded and one other time, it was a problem with my Database.
By default, Nuke sets the News module in the Home page.
Check your Nuke Admin Modules and make sure News is set to be in the Home. Make sure you click YES to set it on the next screen.

mikem