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After three days of gains, the first such streak in six weeks, the market remains in the red after sellers intensified their efforts following a press conference in which German Chancellor Merkel and French President Sarkozy offered only a proposal for new government leadership in the eurozone, rather than a new plan to address the fiscal and financial challenges facing the region. The absence of a plan was even more glaring in the wake of disappointing GDP data from Germany and the broader eurozone. Support for the S&P 500 at the 1180-1181 level has helped stocks bounce back a bit.
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