Thursday was back to 2008 – extreme volatility and a baffling market turnround, predicated on terror towards the financials.

The S&P 500 fell 3 per cent, only to rebound 3.3 per cent from there and close up 0.1 per cent for the day. Bank of America and Citigroup, once the two biggest US banks, fell 28 and 26 per cent respectively, but then regained 26 and 30 per cent before selling off once more. Citi closed off 15 per cent, BofA 18 per cent.