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Minyanville's T3 Daily Recap: Stocks Dip as Euro Aid Package Talks Stall, Greece Riots

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Yesterday the market erased all losses from Monday amid reports that France and Germany had agreed to a large aid package for the eurozone, but today doubt was cast over that agreement.

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Stocks traded lower Wednesday, continuing the back and forth action we have seen this week. Yesterday the market erased all losses from Monday amid reports that France and Germany had agreed to a large aid package for the eurozone, but today doubt was cast over that agreement. French President Nicolas Sarkozy told French lawmakers that a dispute over how to boost the size of the EFSF had stalled talks.

Greece workers also began their 48-hour walkout on Wednesday, and Greek daily newspaper Ta Nea has dubbed it the "mother of all strikes." In the largest protests to date, thousands of Greeks stormed parliament in protest of the latest round of austerity measures. The protests turned violent with riot police battling hooded youths, and the country was brought to a virtual standstill. The austerity measures are required by the Troika -- the EU, IMF and ECB -- for any additional bailout loans.

The Fed also released its Beige Book today, a twice-per-quarter report of anecdotal evidence about economic conditions in each Federal Reserve district. The report cited sluggish growth generally across the board, which contributed to today's sell-off. Most districts saw "slight" or "modest" growth, and bright spots included the auto, tourism and energy sectors.

Apple (AAPL) tried to bounce after opening down over 5% this morning, but the heavy market ended hopes of an immediate comeback. Green Mountain Coffee Roasters (GMCR) lost 15% today, one day after David Einhorn, famous for his short call on Lehman Brothers before its fateful crash, made a long presentation to investors about perceived improprieties in the company's operations and accounting transparency.



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