Did Europe agree to massive bailout - or not?

A masked protester, inspired by the Occupy Wall Street protests in the United States stands in front of the headquarters of the European Central Bank (ECB) on October 18, 2011 in Frankfurt am Main, Germany. Around hundred protesters operate a camp outside the ECB to demonstrate against economic and financial policy.</p>

A masked protester, inspired by the Occupy Wall Street protests in the United States stands in front of the headquarters of the European Central Bank (ECB) on October 18, 2011 in Frankfurt am Main, Germany. Around hundred protesters operate a camp outside the ECB to demonstrate against economic and financial policy.

Tuesday was a volatile day on Wall Street. Trading late this afternoon received a jolt when the Guardian reported news that everyone wanted to hear: that Germany and France had agreed to a 2 trillion euro fund to cope with the fallout from Europe's sovereign debt crisis.  

But did the Guardian get it right? Its story, citing anonymous EU diplomats, was almost immediately contradicted by Dow Jones Newswires, "which reported European officials are still debating the size of the bailout fund," according the Wall Street Journal's market wrapup. 

We should know by the weekend whether the Guardian accurately beat the financial press. Meanwhile, at least we have a sense of how vigorously the markets would cheer. The Dow surged 250 points on the news, before settling for a close up 180 points.