UPDATE: STOCKS COMEBACK FIZZLES, DOW DOWN 120 AFTER MYSTERY ITALY CHINA REPORT

Update: Very strange. Some are wondering where the Italy report is, and stocks have dived.

Bloomberg reported on the FT article, but some are wondering whether the report exists.

The Dow is off 120.

Original post: Stocks just came back big time, with the Dow going from down over 1%, to positive, all seemingly on the back of headlines from the FT (no link yet)–via Bloomberg–about China being willing to buy some Italian bonds.

All you need to know about this is that China has supposedly been ready and willing to bail out the Eurozone, like, a million times since the crisis began, and each time it’s never really amounted to anything.

Here, for example, is a story from last October about China bailing out Greece.

And we’d be pretty surprised if this turns out differently.

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