Lots of headlines today about the big gains in stock markets around the world; apparently, investors are pleased by the promise of massive bailouts in Europe.
But the surge in markets today is only undoing the big declines that set in late last week, when investors got nervous about the broader implications of Europe's debt problems.
Put another way: Stock indexes in Europe, Asia and the U.S. rocketed today to levels they last hit ... a few days ago.
These stock charts tell the story:
Here's the S&P, at about noon Eastern:
Here's the DAX, which measures the German stock market, and which has closed for today:
And here's Hong Kong's Hang Seng index, also closed for the day: