Sep 28 - Summary of business headlines: Durable goods orders spark hope recession can be averted, but European debt worries dim optimism; President Barack Obama keeps up verbal pressure on European leaders; Amazon reveals Kindle Fire tablet; Stocks and commodities tumble. Conway G. Gittens reports.
Signs the business community did not snap its wallet shut in August - reviving hopes the U.S. economy will be able to avoid another recession. But worries about the lack of a clear European plan to tackle the debt crisis offset that optimism. Those concerns showed up most heavily in the commodities market where investors reversed strong gains made the day before. Crude oil prices tumbled $3 to settle above $81 a barrel. Gold futures were down more than $34 to more than $1,618 an ounce. U.S. President Barack Obama says the Europeans have to move faster. SOUNDBITE: U.S. PRESIDENT BARACK OBAMA (ENGLISH) SAYING: "It has been a worldwide phenomenon; it's not just here in the United States. Some of the challenges that we've had over the last several months actually have to do with the fact that in Europe we haven't seen them deal with their banking system and their financial system as effectively as they needed to." Putting Europe aside, Amazon.com unveiled three new gadgets: Kindle Fire is a tablet with a 7-inch display screen and a $199 price tag. It has its own operating system and will have media stored in the Cloud. And there are two touch-screen versions of its popular electronic book reader Kindle. Analysts say the Kindle Fire will not be the so-called iPad killer some were predicting. On Wall Street European worries resurfaced sending stocks down more than 2 percent into the close. The action was not much better in Europe, as investors await further clues on when the debt crisis will be resolved. Conway Gittens, Reuters