This chart of French bank Societe Generale basically tells you everything you need to know about what today was like.
In the super-early going, European markets were higher following the big comeback in the US yesterday. Then French bank stocks plunged following a WSJ report citing an anonymous source saying that French banks couldn’t raise cash.
At sone point, SocGen was down over 6%.
Specifically that article was about rival bank BNP Paribas, whose CEO denied the article completely.
Stocks began to rebound.
Then there was talk about Angela Merkel and Sarkozy announcing some kind of aid deal for Greece, and the market rebounded further. That was ultimately denied, and stocks treaded water. In the meantime, SocGen’s CEO was on TV talking about how the bank was in great shape, and didn’t need funding at all from money market funds.
Finally, thigns jsut went crazy and the stock ended up some 15%.
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